Mine gets Chinese backing

CATHERINE HARRIS
Last updated 14:55 13/12/2013

Relevant offers

Industries

ANZ boss David Hisco's warning: 'I wouldn't speculate in this market' Analyst puzzled by suggestion 2degrees could float in Australia valued at $800m Global Threat Intelligence report ahead of Government Cyber Security Summit McDonald's all-day breakfast trial a success FMA warns Craigs Investment Partners over breach of anti-money laundering rules Tegel shares rise on first day on NZX Kiwis now buy more SUVs than cars Panama Papers: Onetai farm sale goes feral, puts OIO in the spotlight Nelson postie refuses to deliver letters over 'scam' fears You are all doing ... well, not that brilliantly actually

Dual-listed junior mining firm New Talisman Gold Mines says it has Chinese backing to kickstart its mining project near Waihi.

New Talisman, formerly Heritage Gold, has signed a heads of agreement with St Albans Pty Ltd, a special purpose vehicle set up by undisclosed Chinese investors to fund a feasibility exercise at the Talisman mine.

The Chinese will inject $10.9 million in return for 65 per cent after costs of all the gold and silver extracted from the pre-feasibility reserves.

The deal is subject to due diligence and New Talisman shareholder approval.

New Talisman's shares were up 36 per cent to 1.5c in mid-afternoon trading.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content