AuStar Gold Limited (ASX:AUL), the Australia-based gold mining company, announced major corporate plans for its shareholders as on 11th December 2018.
Beginning with management changes, AuStar announced that Mr Terranova will assume the role of Executive Chairman, effective 11 December 2018, implementing major corporate changes and operational innovation. Mr Tom de Vries will continue in his capacity as CEO of AuStar Gold throughout Q1 of CY 2019 and upon completing the operational objectives, he is expected to assume the role of Managing Director.
The structural changes in Board composition is aimed at retaining appropriate mix of skills and experience. The company is planning few more such major changes in the coming weeks.
Company also stated it plans to recommence mining operations within Q1 of CY2019 at high-grade structures readily from the Morning Star gold mine. It is also placing its near-term operational focus on the Rose of Denmark with possibly greater volumes of mill feed.
AuStar is also assessing the regional infrastructure opportunities by utilizing its plant capacity to process other companies’ ore via toll milling setup. It is also in discussion with various groups in accessing infrastructure that will assist in recovering sizable amount of gold that is not presently readily recoverable by the current gravity circuit.
As stated by company’s CEO, AuStar in on its long-term visionary path of exploring potential scenarios for leveraging relationships and opportunities to create mutual benefits at place where under-utilised regional infrastructure exists.
Company has also commenced a technical review to assess the potential for economic near-surface mineralisation within the Morning Star Dyke site at Woods Point.
AuStar is also in the process of finalizing the regional exploration strategy. Some of the immediate factors being considered include:
- consistent exploration results generated over the past months
- substantial exploration deal spanning over 667km2 of the Woods Point - Walhalla goldfield
- exploration application (EL006853) located at the northern end of the current tenement holdings, containing multiple historic channel and sediment hosted gold production centres.
- area under AuStar Gold’s exploration licences may represent a replica of tectonic position to the Fosterville and Costerfield deposits on the western front of the Melbourne Zone
- consolidation of the exploration areas by one company generating value in the medium to long-term.
As stated by Chairman Frank Terranova, Austar recognizes the utmost priority to enhance its market presence and providing the strategic clarity to its shareholders. Company has clear-cut well-defined goals aimed at fostering business growth, delivering corporate focus, upgrading the technical work program at site and improving returns for shareholders. It understands the challenging equity market conditions for upcoming mining companies and thereby aims at focussing on understanding its current portfolio and future requirements.
AuStar shares opened at $0.004 at ASX earlier today. The scrip price has been on an upward trend since a month, representing a 33.33% growth. Given the recent impressive performance of gold stocks, company’s stock may hold growth potential given strong implementation of corporate strategies in the near term while exploration and development related risks are to be borne in mind.
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