THE BOURSE WHISPERER: Gold and base metals explorer, Mining Group listed on the ASX last year.
The company closed off 2011 atop the year’s IPO chart with its share price ending at an all-time high of 65c, marking an increase of 220 per cent to its listing share price of 20c.
2011 turned out to be a fairly tough assignment for IPOs with only a third of floats listed trading above their issue price in late December.
Top 5 IPOs for 2011. Source: Company announcement
Mining Group managing director Andrew Maurice said he was extremely pleased with his company’s results, which he suggested reflected the company’s strong performance in 2011 as well as providing a positive outlook for its shareholders in 2012.
“We have had strong support from shareholders which has enabled the strategic expansion of the company and the Board is eager to continue its aggressive exploration plans in 2012,” Maurice said in the company’s announcement to the Australian Securities Exchange.
“Our success to date has included entering into an agreement with Cadan Resources Corporation in which we have acquired an 80 per cent interest in the Comval copper gold project located in the Philippines with potential for large scale copper and gold mineralisation.
“We also have had positive and encouraging exploration results at our Boorara gold and Teutonic base projects located in the Western Australian Goldfields region.”
On top of a successful 2011, Mining Group said it is looking forward to adding growth in 2012 as it continues to progress its projects located in the Philippines and Australia.
Mining Group said it is focused on this growth at Comval, by moving the projet towards production through funding and delineating of a maiden JORC resource, completing at least 10,000 metres of drilling, and the completion of a scoping study.