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Tianshan taps AIM

Article Date:  May 24 2006

As foreshadowed by Growth Company Investor, Aussie-listed Tianshan Goldfields is seeking up to £4 million on AIM.

Macquarie Bank has 15 per cent and Antipodean entrepreneur Keith Liddell's Mineral Securities 10 per cent of Tianshan, which has already identified a potential low-grade resource of 1.7 million oz of gold at its 90 per cent-owned Gold Mountain project in north-west China. Managing director David Evans, a former leading light at Aquarius Platinum, and general manager Grant Thomas say this reflects only a small proportion of the overall project.

They argue the company's active drilling programme, covering at least 20 projects, should substantially increase the prospective resource and even hint at a possible open-pit project with similarities to Peru's massively rich Yanacocha gold mine. With some £1.6 million in the bank already, raised at prices well above today's depressed 28 cents (11.2p), Tianshan is using Heywood Securities as broker and W.H.Ireland as nominated adviser for its AIM launch funding, which has yet to be priced.

Verbal reaction in the City has been enthusiastic so far, says Evans. The float's progress will be an interesting pointer to the market's appetite for promising mining plays after its recent bout of sector jitters.


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