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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Archipelago Res | LSE:AR. | London | Ordinary Share | GB0033551721 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Archipelago Resources PLC 09 September 2003 RELEASED ON BEHALF OF: ARCHIPELAGO RESOURCES PLC SEPTEMBER 9, 2003 ARCHIPELAGO MAKES GOOD START ON FIRST DAY OF TRADING ON AIM * Shares Open At 20p And Reach High Of 29.5p Before Closing At 27.5p * New Exploration/Mining Company Capitalised At Over #13m New float Archipelago Resources Plc (AR .), run by Cornishman Colin Loosemore, got off to a good start on its admission to trading on AIM today. First dealings in the company, which plans to develop a 1.75m oz gold project in Indonesia, started at 23.5p and reached a day's high of 29.5p before settling back to close at 27.5p, giving the company a market capitalisation of over #13m. Archipelago has 48.5m share in issue (fully diluted) of which directors own 47p.c. The company has an 85p.c. interest in the Toka Tindung gold project in Indonesia where a resource of 1.75m ounces of gold equivalent has been defined to a depth of about 150m. It now plans to review the bankable feasibility study on the project which was completed by the former owners at a time when the gold price was much lower than at present. They spent more than US$50m on the project before withdrawing in 1999 and subsequently selling it to Archipelago. Toka Tindung is commercially viable at a gold price above US$290/oz and Archipelago's objective is to make a development decision on the project by the end of 2003 and to bring it into production early in 2005 as an open pit operation producing up to 170,000oz/y. Managing Director Colin Loosemore hails from St Ives in Cornwall and was educated at London University and the Royal School of Mines. Prior to establishing Archipelago, he spent most of his 30-year mining career in Australia where he found and developed a number of gold mines in the 1980s. He is therefore very much a modern day "Cousin Jack", the traditional name given to Cornish miners, many of whom took their expertise overseas and were instrumental in establishing some of the great mining camps around the globe. Further Information: Colin Loosemore, Managing Director, Archipelago Resources Plc. Tel: 00-6141-2987-935 Ron Marshman/John Greenhalgh, City of London PR. Tel: 020-7628-5518 This information is provided by RNS The company news service from the London Stock Exchange END NRAILFSRALIAIIV
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