History

Monday, 18 August 2008 18:53

• Formed 1994, as an unlisted public company. Seed capital of $2M raised.
• Listed on ASX on 17 June 2002, raising $6M capital.
• Acquired Opus Exploration Pty Ltd, a wholly owned subsidiary with interests in the Indee Gold Project near Port Hedland and at Telfer in September 2003.
• Earned 70% interest in the Indee Gold Project on February 2004 and signed an Exploration Joint Venture Agreement with Bullion Minerals Limited.
• Commenced mining at Indee in April 2006.
• Announced in September 2007 that operations at the Indee Gold Mine will wind down and the mine will move ultimately to care and maintenance.
• The “New Beginnings Strategy” adopted November 2007 to acquire mature mineral properties and quickly bring them into production.
• Mining ceased at Indee in December 2007.
• In June 2008 a Letter of Agreement was signed with Northwest Mining and Geological Exploration Bureau for Nonferrous Metals (NWME) in relation to an exploration farm-in agreement on the Indee tenements.
• The Indee Gold Mine was placed in Care and Maintenance in October 2008 with 30,000 ounces of gold being recovered and sold at Indee.