Vantage Goldfields adds International Aviation Logistics as substantial shareholder
Vantage Goldfields (ASX: VGO) has added International Aviation Logistics as a substantial shareholder of the company with a 8.09% interest. The company had placed 20 million shares priced at £0.10 each to International Aviation to raise £2 million. The funds raised will be primarily used for the development of Lily and Taylors gold mines in the Barbeton Goldfield district in South Africa, the second largest goldfield in the country.
The advanced projects there include the Lily Mine which is an underground operation and Vantage is expanding operations with the objective of producing 35,000 ounces of gold per annum for at least 11 years.
The Barbrook Mines Complex is in the process of being developed and includes the first Taylors Mine- Barbrook Stage 1 that produces float concentrates from underground mine.
The Barbrook Stage 2 expansion will target about 70,000 ounces per annum of gold production and a bankable feasibility study underway is likely to be completed in the e fourth quarter of this year.
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