Alice Queen on-track with Horn Island, Mendooran projects

Alice Queen on-track with Horn Island, Mendooran projects

During the March quarter, Alice Queen (ASX: AQX) remained on‐track with its previously‐announced initiatives at both its Horn Island Gold Project in the Torres Strait in far‐north Queensland and at its Mendooran Copper‐Gold Project in central New South Wales. This included the progression of discussions with several interested parties regarding a potential farm‐in arrangement in respect of certain areas of the Horn Island Project, as foreshadowed in the Company’s stated strategy during the September 2018 Quarter.


Advanced gold explorer, Alice Queen (ASX: AQX) has provided its quarterly activities report for the period ended 31 March 2019.

HIGHLIGHTS FOR THE QUARTER

During the reporting period, Alice Queen remained on‐track with its previously‐announced initiatives at both its Horn Island Gold Project in the Torres Strait in far‐north Queensland and at its Mendooran Copper‐Gold Project in central New South Wales.

This included the progression of discussions with several interested parties regarding a potential farm‐in arrangement in respect of certain areas of the Horn Island Project, as foreshadowed in the Company’s stated strategy during the September 2018 Quarter.

Alice Queen continues to explore these opportunities and will make a formal announcement to the market if these negotiations become material. The Company also continues to assess whether to advance future exploration at the Mendooran Project itself or, alternatively, progress discussions with a number of industry majors who have both the technical and financial capacity to exploit the Project’s considerable potential.

Alice Queen looks forward to updating the market in due course on a range of both exploration development and corporate advancements, including the appointment of a new non‐executive director to the Company’s board and an updated exploration plan for Horn Island.

CORPORATE

At the end of the reporting period, Alice Queen had 651,660,162 ordinary shares on issue, 66,037,502 options on issue, and $493K cash on hand.

During the March Quarter, Alice Queen issued 113,920,334 fully paid ordinary shares at $0.015 (1.5 cents) per share to a combination of existing shareholders and new investors. The issue raised approximately $1.7 million before costs.

The shares were issued as part of the shortfall of the Company’s pro‐rata entitlement offer (Rights Issue) as announced in September last year. As announced in October 2018, the total shortfall under the Rights Issue was 114,119,529 fully paid ordinary shares.

The Board and the Company reiterates its gratitude for the support provided by participants in the Rights Issue and by participants in the shortfall.

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