Southern Cross Goldfields Limited Quarterly Activities Report For Period Ended 31 March 2014
29.04.2014 | ABN Newswire
Brisbane, Australia - Southern Cross Goldfields Ltd. (ASX:SXG) provides the quarterly report for the period ending 31 March 2014 with the following highlights:Funding
- RMB Australia Pty Ltd (RMB) debt facility reduced from $7.0M to $5.0M and extended for 6 months
- Substantial progress on financing activity to deliver funding for flagship projects and future growth
- Work continues to determine optimum sequencing of current SXG projects.
Marda Gold Project, WA
- Permitting advanced with Mining Proposal, Mine Closure Plan and Works Approval reviewed; approval pending completion of EPA Referral process
- EPA Referral decision of "Not Assessed" received from EPA on 11 March; single appeal currently being assessed by Appeals Convenor and expected to be concluded during the June 2014 Quarter.
Mt Boppy Gold Project, NSW
- A review of previously developed plans for the project continues to determine optimum value generating strategy for shareholders
- Permitting status refreshed and confirmed to enable accelerated development path.
CORPORATE
Asset rationalisation and capital management program
- Tenement rationalisation program progressing with various Expressions of Interest received
- PCF Capital Group mandated to divest SXG non-core assets - interested parties identified and discussions and documentation continue.
Cash reserves conserved
- Cash at bank $2.9M following the $2.0M repayment of the RMB debt facility.
EXPLORATION
- Auger drilling along the Evanston Shear Zone continued during the Quarter. Several areas anomalous in gold have been identified for follow up.
To view the complete quarterly activities report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SXG-675452.pdf
About Southern Cross Goldfields Limited:
Southern Cross Goldfields (ASX Ticker: SXG) is an Australian mining and exploration company that is on the move. Investors in SXG are exposed to a compelling combination of near-term cash flow and outstanding exploration potential in the gold sector.
Contact:
Southern Cross Goldfields Ltd.
Frank Terranova, Managing Director
T: +61-8-9215-7600
F: +61-8-9215-7600
E: admin@scross.com.au
www.scross.com.au