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East Star Resources PLC - Kazakhstan-focused gold and copper explorer - Shares resume trading in London on Monday after raising GBP3.1 million in a placing and subscription of 62.0 million new shares at 5 pence as part of East Star's reverse acquisition of Discovery Ventures Kazakhstan Ltd. DVK holds four licenses in two producing mineral belts in the central Asian country. The Chu-Ili belt is prospective for gold and copper, while the Rudny Altai belt has copper-zinc potential.
"Kazakhstan today is like having all of Western Australia available to peg but in the 1970s. The size is almost the same, the mineral law is modelled on Western Australia's, and the deposits discovered are high grade and highly profitable," says new Chief Executive Officer Alex Walker.
East Star notes the recent civil unrest in Kazakhstan, which has drawn a harsh government response and the arrival of Russian troops. "The directors do not believe that the current situation in Kazakhstan is likely to have any adverse impact upon the company's proposed operations or its intended strategy," it says.
Current stock price: 4.79p
By Tom Waite; thomaslwaite@alliancenews.com
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