First Day of Dealings on AIM

RNS Number : 5621M

Great Western Mining Corp. plc

18 August 2011

 



18 August 2011

Great Western Mining Corporation PLC

First Day of Dealings on AIM

Significant Gold, Silver and Copper Play in Nevada

Great Western Mining Corporation PLC (the "Company" or "GWM") announces its move from PLUS to AIM. This follows a successful fund raising with net proceeds of £979,195 which will be used to fund the start of a drilling programme.

Dealings in GWM's shares will start trading on AIM at the start of business today.

Since the Company's incorporation in 2004 and following a total estimated investment of €2 million, GWM has surveyed and staked 896 claims covering 7,305 hectares and has conducted extensive exploratory work. This includes sampling, aero magnetic, magnetic and IP ground geophysical, ASTER image studies and metallurgical testing.

The recently published Competent Persons Report highlights the extensive mineralisation on the property with surface outcrops of gold and uranium in addition to significant copper and silver targets.

Placing Statistics

Placing Price per Ordinary Share: 11p

Number of New Ordinary shares placed: 8,901,773

Gross Proceeds: £979,195

Market Capitalisation on admission to AIM: £6.4 million

Number of shares in issue following admission: 46,389,201

Business Summary

GWM's operations are based in Mineral County, Nevada and all of its claims are located on the Walker Lane trend and Golconda Thrust Fault, in the Excelsior Mountain range which hosted a number of the 19^th Century "bonanza" mines. The Company is incorporated and headquartered in Ireland with the Chief Executive, Melvyn Quiller based in offices in Colchester, England.

Emmett O'Connell, Chairman, GWM, Commented:

"We are delighted with the continuing investment support and belief in the value we intend to deliver to our shareholders via the remaining two year stage of this long term project. We were very encouraged by the conclusions of our Competent Person who published potential target possibilities of 25 million tonnes of Disseminated Silver, grading 102.9g/t; 25 million tonnes of Disseminated Oxide Copper, grading 0.6% and 3 million tonnes of Epithermal Silver Vein, grading 514.3g/t."

18 August 2011

Enquiries:

GWM Emmett O'Connell, Chairman Melvyn Quiller, Chief Executive	[phone] 0771 289 9588
NOMAD and Broker Libertas Capital Tim Cofman-Nicoresti/ Neil Pidgeon	0207 569 9650
Financial PR Hansard Nicholas Nelson/Guy McDougall	0207 245 1100 [e-mail]

 

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