Colonial Resources (CLN)

Shares / Stock Code

CLN

Stock Exchange / Sharemarket

Australian Securities Exchange

Colonial Resources Limited (CLN) is engaged exploration and development of gold on the Eldorado Project. Colonial's Eldorado Gold Project is located in the Eastern Goldfields of Western Australia, 55 kilometers northeast of Kalgoorlie. It lies within typical Archaean greenstone terrain of the Kalgoorlie region, comprising a sequence of mafic volcanics and sediments. The Eldorado Gold Project represents gold mineralization in the Kalgoorlie region.

CLN is Based in Perth Western Australia and it was listed on the Australian Stock Exchange on 1 March, 2007, Colonial Resources Limited (“Colonial” or “the Company”) ceased to explore potential joint venture arrangements for the Company’s existing Eldorado Gold Project during the September 2009. The Company’s focus was directed to potential acquisitions of drill-ready exploration projects through to advanced projects with existing resources and upside potential.

The Company secured two promising gold assets in Mali, West Africa consisting of 18 prospecting authorizations and research permits spanning circa 1883km² within the Kedougou-Kenieba window, a major Lower Proterozoic Birimian outlier on the NE margin of the West African Shield.
Colonial has entered into a Sale of Shares and Claims Agreement (“Agreement”) with Central African Gold plc (“CAG”) to acquire 80% equity interests in each of Mali Goldfields SARL (“Mali Goldfields”) and Songhoï Resources SARL (“Songhoi Resources”) (collectively referred to as “Malian Assets”).

The acquisition of the Malian Assets is due to be completed by the 10th March 2010. Songhoï Resources represents the joint venture vehicle between CAG (80% equity interest) and Mani SARL (20% equity interest) established in August 2006 for the exploration and development of four exploration permits covering circa 279km2 in the prospective Kéniéba and Kayes districts in West Mali.

Mali Goldfields represents the joint venture vehicle between CAG (80% equity interest) and Mali Mining House SA (20% equity interest) established in February 2006 for the exploration and development of fourteen exploration permits covering circa 1,533km2 of the prospective Birimian Gold Belt in South and West Mali.

The Kéniéba Valley in western Mali is host to AngloGold Ashanti Limited / IAMGOLD Corporation’s Sadiola and Yatela Mines, Randgold Resources Limited’s recently commissioned Loulo-Yalea operation and Avion Resources’ recently re-opened Tabakoto-Segala mines. The Bougouni-Sikasso region of southern Mali is host to the Morila gold mine (owned via a joint venture between AngloGold Ashanti and Randgold) and the Syama Mine which is being recommissioned by Resolute Mining Limited to exploit newly defined satellite open-pittable resources.

The acquisition of the Malian Assets represents an opportunity to secure a significant portfolio of tenements in a world class gold region that will add significant growth potential for Colonial, as well as increasing the diversity of its project portfolio.

Colonial Resources (CLN) Products and Services

  • Exploration for gold on the El Dorado project in the Eastern Goldfields of Western Australia

Colonial Resources (CLN) Locations and Subsidiaries

Colonial Resources Head Office
52 Ord Street,
WEST PERTH, WA 6005
Phone: (08) 9481 8760
Fax: (08) 9481 5142

Colonial Resources (CLN) Share Price

Submitted by ASX Listed Company on 11 March, 2010 - 20:54

Download our FREE App


Signup for Free
Don't miss out on your free share trading articles.


Free Risk Money Management Calculator for those who sign up!