Adelaide, Sep 27, 2006 AEST (ABN Newswire) - Shield Mining Limited has used its debut on the ASX today to announce an immediate start to its West African gold and base metals exploration program.
Shield (ASX: SHX) listed on the Exchange today after closing oversubscribed, its A$1.5 million capital raising which along with existing cash reserves, will fund an extensive exploration program in Mauritania.
"We are pleased to announce today that the Company has already commenced work in Mauritania, including a re-assessment of all geological data and some initial on-the-ground exploration," Shield Mining's Chief Executive Officer, Mr David Netherway, said today.
"Our initial target is the Conchetta-Florence licence (EL243) in the north of the country and which includes a 160 km strike length of shear hosted gold prospects," Mr Netherway said.
"Previous work on this area was carried out in the 1980s and preliminary findings indicated significant exploration potential for mesothermal gold and base metals and iron oxide copper gold," he said.
"In addition, Shield Mining has a further four exploration licenses (ELs) in the northern part of Mauritania, covering a total area of 7,381 km2, with six other EL applications pending.
"With the successful IPO and now today's listing on the ASX, Shield Mining is now fully staffed up for an aggressive exploration program on its licences."
Contact
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
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