Zedex Minerals Limited (ASX:ZDX)
Auckland, April 30, 2009 AEST (ABN Newswire) - Zedex Minerals Limited (ASX:ZDX) announce at 31 March 2009 operations remained scaled back pending the outcome of negotiations with several parties regarding future funding. The Company plans to finalise these negotiations during the June 2009 quarter.
In the March 2009 quarter the Company extended its existing loan agreement with Hamilton Gulf Limited to provide short term funding for working capital purposes.
Olympus Investment
In the March 2009 quarter the Company issued 8,039,000 ordinary shares in exchange for 4,019,500 ordinary shares in Olympus Pacific minerals Inc, an arrangement made under agreements entered into in mid 2008.
As at 31 March 2009, Zedex holds 69,329,827 shares in Olympus Pacific Minerals Inc ("Olympus"), representing a 29.83% interest on an undiluted basis. Olympus shares are currently trading at approximately CAD$0.22 on the Toronto Stock Exchange, and Olympus' market capitalization on an undiluted basis is approximately A$60 million. During the March 2009 quarter Olympus announced the following news:
- A 64% upgrade of Gold Resources at Bong Mieu East has increased total Resources in Vietnam to 1.61 million ounces, thus, doubling the Olympus's Resource base in the last three years.
- The upgrade brings Olympus' total published Resources at the Bong Mieu Gold Property to 961,340 ounces. The Resources at the Olympus Phuoc Son Gold Property remain at 647,110 ounces.
- A Preliminary Financial Assessment of Bong Mieu East is being undertaken and a recalculation of the Phuoc Son Resource is scheduled for mid-year following recent step-out drilling programs.
- The commencement of treating high grade ore from its Phuoc Son mine following upgrades to the Bong Mieu Gold Plant, placing Olympus in a good position to rapidly scale up production.
For the complete Zedex Minerals Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60569-ASX-ZDX-445157.pdf
Contact
John Seton
Chairman
Tel: +64-9-379-8787
Email: John.Seton@zedex.com.au
Paul Seton
Managing Director
Tel: +64-9-379-8787
Email: Paul.Seton@zedex.com.au
Rod Murfitt
Chief Geologist
Tel: +64-9-379-8787
Email: Rod@zedex.co.nz
Zedex website: www.zedex.com.au
| ||
|
