Ironbark to list gold assets with Waratah IPO

Ironbark Ltd has announced plans to divest its gold assets into wholly owned subsidiary, Waratah Gold Ltd, a gold explorer with an ambition to list on the Australian stock exchange.

Headed up by Andrew Maurice, Waratah will seek to raise approximately $3.5 million under a prospectus offer at $0.20 per share.

Ironbark shareholders will receive priority in the allocation of shares available in the IPO, while Ironbark will retain a vendor stake of five million shares in Waratah.

Ironbark said Mr Maurice had specialist advisory skills in the areas of business and strategic planning, project management, marketing and human resource management.

Mr Maurice was the inaugural research officer with the Association of Mining and Exploration Companies and holds a Bachelor's degree in Business, a Graduate Certificate in Management and a Master of Business Administration.

"The divestment is expected to unlock significant value for Ironbark shareholders through its retained interest in Waratah whilst the gold price continues to set new highs," Ironbark said.

"This philosophy has performed well with the listing of Wolf Minerals Limited in February 2007 which was the best performing IPO on the ASX for 2007."

No shares or options have been granted to the directors of Ironbark and no broker fees will be payable, however, the company said its directors were interested in subscribing for shares in Waratah through the public offer prospectus.

Waratah's five projects in New South Wales have produced in excess of 570,000 oz gold.