Deutsche Rohstoff Ag: Tin drilling in Germany sucessfully completed
24.04.2012 | Marketwire
Deutsche Rohstoff AG: Tin drilling in Germany successfully completed First laboratory findings positive/Tin International increases capital by
AUD 3 Mio.
Brisbane/Heidelberg. Deutsche Rohstoff AG and its majority owned Australian
company Tin International Limited, Brisbane, successfully completed its
first drilling program at its 100% owned Gottesberg and Geyer tin projects
in the Ore Mountains, Saxony, Germany. Between November 2011 and April
2012, a total of eight holes were drilled for 2,150 meters of confirmatory
drilling between both projects. The program was designed to confirm the
historical resource estimate, which was prepared in the 1970s and 1980s by
German Democratic Republic geologists. Tin International has appointed an
independent expert who will provide a resource report according to the
internationally recognized Australian Joint Ore Reserves Committee ('JORC')
Standard.
The drill cores are currently in the final stages of being analysed. The
initial results show a strong positive correlation to historical data. The
complete set of results will be available by late May 2012. The Australian
independent expert has confirmed that sufficient data has been collected
for the completion of the JORC resource report by July 2012.
The geologists of Deutsche Rohstoff AG, who carried out the drilling on
behalf of Tin International, completed the program within budget. The local
communities supported the drilling at both projects in a very positive way.
To continue the exploration program without delay, Tin International has
successfully completed a AUD 3 million (EUR 2.36 million) capital raising
at AUD 0.85 per share. The previous capital raising in September 2011 was
at AUD 0.50 per share. The capital raising was significantly oversubscribed
and received strong support from existing and new investors, predominantly
from Asia and Australia. Helmsec Global Capital Limited acted as exclusive
lead manager for the capital raising.
Preparations for the ASX IPO of Tin International have also commenced in
Australia. Subject to prevailing market conditions, the IPO is to take
place in the second half of 2012. Deutsche Rohstoff AG's ownership in Tin
International, which has a total of 47.5 million shares outstanding, amount
to 61% after the recent capital increase.
Heidelberg, 24 April 2012
Deutsche Rohstoff AG (Heidelberg, Germany), listed in the Entry Standard
segment of Frankfurt Stock Exchange, is establishing a new primary
producer. The company's focus is placed on gold, oil & gas and so called
high tech metals such as tin, tungsten, and rare earth metals. All projects
are located in countries marked by political stability, the core area being
Germany. The business concept is based on redeveloping deposits which have
been well explored in the past. For more information please visit
www.rohstoff.de.
Contact:
Thomas Gutschlag
+49 6221 871 000
gutschlag@rohstoff.de
End of Corporate News
Unternehmen: Deutsche Rohstoff AG - ISIN: DE000A0XYG76