News

September 01, 2008

Less Green And Red Tape In Ghana Means Azumah Resources Can Work Its Kunche Gold Project Up Quick Smart

By Rob Davies

After a tricky start in life Azumah Resources has settled down into becoming a rather nice little understated gold explorer in Ghana. Executive chairman Stephen Stone gave a quick recap to Minews of how the company’s first two years of its two and a half year life were dominated by stock overhangs that resulted from the collapse of Croesus and the Opus Prime debacle. Those two events resulted in about 15 per cent of the company looking for a new home not long after it listed.

Fortunately, Macquarie Bank snapped up 13 per cent of the stock and Stephen himself tucked a few away as well. Which means that now that the dust has settled on the market, the company’s 93 million shares are actually now fairly tightly held. At A$0.15 the market still only values Azumah at A$15 million, yet the company has A$2.5 million in the treasury, and a resource totalling 516,000 ounces in Ghana. And long-established track record as a gold mining-friendly country, Ghana is not a place...