11/4/2014 — Gold
Antipodes tells shareholders it’s now a one-project company
Antipodes Gold Ltd (TSX-V & NZAX: AXG) has told its shareholders that following the name change, capital and major boardroom changes it was now a single project company.
Until recently, it was known as Glass Earth Gold Ltd and as well as a new managing director in Thomas Rabone, it has essentially a new board and former CEO Simon Henderson has stepped off as a director but is now exploration manager.
In the share reconstruction Antipodes rolled back its issued shares on a one-for-10 basis, partly as a measure to be seen as a “tight” company to allow a capital raising to take place.
Rabone said the WKP gold project – a joint venture with Newmont Waihi Gold near Waihi in the Hauraki goldfield – was now the single project for the company.
The first inferred resource for WKP, produced in mid 2013 for Canadian market compliance, was 260,000 ounces of gold at a grade of 6.2 grams/tonne gold, at a cut-off grade of 3 g/t.
Antipodes said development of the T-Stream target at WKP was “compelling” as this zone was less than 25% tested and was open on strike and depth, with no drilling below 200 metres depth.
Near T-Stream the “Western Zone” has provided drill hits including 3.2m grading 37 g/t Au.
Rabone said the company was proposing a 5,000m drilling programme on this area.
Antipodes has re-negotiated the joint venture with Newmont Waihi to lift its equity from 35% to 51% and to take over project management.