Phoenix Gold - PXG

[JBmurc]

Well the largest S/H,s and other major investor certainly see PXG a good place to park their funds throwing another 5mill into the tin

[Daytr]

And I agree its under valued especially now with the AUD behaving like a commodity currency.

[JBmurc]

EVOLUTION MAKES STRATEGIC INVESTMENT IN PHOENIX GOLD
Evolution Mining (ASX:EVN) (“Evolution”) is pleased to advise it has reached agreement with Phoenix Gold
Limited (ASX:PXG) (“Phoenix”) regarding a strategic investment and partnership. Under the agreement
Evolution will subscribe for up to 105.9 million new shares in Phoenix representing a 19.9% shareholding.
Phoenix is a Kalgoorlie-based gold exploration and development company with a highly prospective
tenement holding located in very close proximity to the 1.5Mtpa Mungari processing plant.
As announced to the Australian Securities Exchange on 20 April 2015, Evolution has entered into a binding
agreement with La Mancha Group International BV (“La Mancha”) to acquire 100% of La Mancha’s
Australian operations – which include the Mungari processing plant, the adjacent high-grade Frog’s Leg
underground gold mine and the White Foil open-pit gold mine. The agreement with La Mancha is subject to
certain conditions1
including approval from Evolution shareholders.
The Phoenix tenement package adjoins La Mancha’s Australian operations and covers a significant strike
length of the highly prospective Zuleika Shear and the Kunanalling Shear (see Figure 1 on following page).
Many of the exploration targets developed by Phoenix, on its tenements, are geologically similar to the
Frog’s Leg mine and the White Foil mine.
Evolution’s Executive Chairman, Jake Klein, commented:
“The close proximity of the Phoenix tenements to the newly built 1.5Mtpa Mungari
processing plant provides obvious synergies and further strengthens our position in this
important region following the proposed La Mancha transaction. In addition, we see benefit
in sharing the geological knowledge between our discovery teams to increase the probability
of success in this world-class gold camp.”


Disc -PXG currently my biggest holding

[babymonster]

I am happy to hold it as well. Hopefully it can push up to 10c shortly

[JBmurc]

Dear All

Please find attached our latest announcement regarding a strategic alliance with Evolution Mining.

The Zuleika shear in the gold fields has always been some of the most exciting gold ground in the country but has been expensive to explore. The area has become hot property with many deals completed to gain a position, NST, MLX, EVN to name a few.

Phoenix has over 15kms of strike relatively untested and this alliance will enable us to accelerate exploration in the area on the back of an intensive geological study in conjunction with the University of WA. Evolution is a unique fit as they complete the La Mancha transaction with a new 1.5 Mtpa mill and our interlocking tenure. The synergies are clearly apparent by the attached map.

Evolution will invest up to A$9 million in Phoenix and will become a 19.9% shareholder subject to shareholder approval. 60% of the funds will be used to explore the Zuleika gold projects and planning has commenced on drilling programmes from priority targeting work completed as part of the UWA study. They bring financial and technical capacity and we look forward to commencing the search for the next high grade discovery.

Phoenix also remains focussed on finalising and executing the Norton JV over the development of the Mick Adams and Wadi open cut projects and pursuing the financing for the heap leach development.

I look forward to updating you further on all these initiatives over coming weeks


To view the announcement, please click on the link below:

http://www.asx.com.au/asxpdf/2015050...b27g4xj6c0.pdf

[airedale]

EVN is looking good since the Announcement. Has broken through resistance at $1.

[JBmurc]

EVN is looking good since the Announcement. Has broken through resistance at $1.

Yes Got a great deal IMHO near on 20% of PXG ...they pretty much got Gold reserves for $40oz AUD(on their percent position)

Also great for PXG having a major gold producer Mgmt/Geo's on board to help PXG into strong Gold production/larger reserves ....EVN I'm sure they will continue to build their position in PXG into a controlling stake ...51% etc

--- longer term a final Scrip takeover offer once PXG is really making fat profits....

[JBmurc]

Phoenix Gold (ASX:PXG) managing director Jon Price has stepped down from his position with effect from today.

Non-executive chairman Dale Rogers has assumed the role of executive chairman while company secretary Ian Gregory has been appointed an independent non-executive director.

“Despite the disappointing performance of the Kintore mine, the recently announced strategic alliance with Evolution Mining Ltd and the inherent future value of the Licence to Mine and Ore Sale Agreement with Norton Goldfields, leaves Phoenix well placed to maximise value from both the Kunanulling and Zuleika gold shears,” Rogers said.

Earlier this month, the company announced the strategic partnership with Evolution Mining (ASX:EVN) that includes a $9 million investment through a subscription of 105.9 million PXG shares at an average price of $0.085, an 18% premium to the 10 day VWAP.

This will enable accelerated exploration of Phoenix’s highly prospective Zuleika shear gold projects in Western Australia.

The first tranche of 44 million shares at $0.075 each to raise $3.3 million has been completed.

Shareholder approval will be sought at a General Meeting in June 2015 for the second tranche of about 61.9 million shares priced at $0.092 each.

[slimwin]

I wonder why? Didn't think he was that old and it's kinda his baby.

[trackers]

Haven't been in PXG for a while but Jon Price is my favorite CEO out of all the shares I've been in - Solely for his frequent, no bull****, email updates in everyday conversational format - Really enjoyed those and its a shame that sort of thing doesn't happen a lot more