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Macquarie Gold misses ASX listing target, gold production delayed


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Macquarie Gold misses ASX listing target, gold production delayed

Macquarie Gold Ltd. was due to hit the boards of the ASX Sept. 19, but the IPO deadline has been pushed back.

Nonexecutive chairman Dennis Morton admitted the anticipated listing date had passed, but would not comment further on what was holding the IPO up.

Morton told SNL Metals & Mining Sept. 27 that Macquarie Gold is still going through the process and he would likely have more to say in about a week.

The public unlisted company is looking to raise A$3.6 million via the issue of 12 million shares at 30 cents apiece under its IPO.

In January 2011, Macquarie Gold acquired Challenger Mines Pty. Ltd., the owner of mining lease 1435, exploration license 5728 and 16 mineral leases within the Adelong gold project in New South Wales, Australia.

"The assets themselves are good," Morton said. "New South Wales jurisdiction is not necessarily the best, but we reviewed the opportunity to acquire the asset and considered it was worthwhile."

First production was initially targeted for mid-September, but that has also been delayed and is now expected to happen in October.

"To date we've constructed a mine effectively," he told SNL. "We have an underground adit accessing high-grade gold. We've got a crushing plant and a gold mill and hopefully they'll all be commissioned and producing gold by the end of next month."

In the first six months of production, Macquarie Gold plans to process mullock dumps and underground ore from the Challenger deposit.

The processing plant has a capacity of 100,000 tonnes per annum and is expected to produce up to 15,000 ounces of gold each year.

Macquarie Gold will be developing the underground mine concurrently to access higher grade ore to increase the production rate.

The company believes there is significant potential to increase the resource within close proximity to the processing plant because the Challenger ore body extends both along strike and at depth.

According to Macquarie Gold, there is significant additional resource potential within the Currajong deposit, which is located just 500 meters west of the plant.

Macquarie Gold plans to undertake an exploration program, including ground magnetics and drilling, over the 20-plus known gold-bearing reefs within the Adelong tenements.