South Africa's Harmony Gold Mining Group Ltd has received over $6 million worth of shares from Nedlands-based Dioro Exploration Ltd, which today issued 45 million shares to fund the acquisition of eastern goldfields tenements.
Dioro had signed an agreement to acquire the Penfolds tenements for the greater of either 45 million Dioro shares (8.6 per cent of the diluted issued capital) or $3 million worth of Dioro shares based on the Dioro closing share price at completion in December last year.
Dioro shares were up 12.5 per cent to 13.5 cents at close of trade today.
The full text of a company announcement is pasted below
Dioro Exploration NL wishes to advise the issue of 45 million fully paid ordinary shares in satisfaction of the acquisition of the Penfolds tenements from Harmony Gold as first announced to the market on 3 July 2006.
During the pre-settlement period Dioro has conducted a number of successful regional gold exploration programs including RAB/AC drilling.
Following the settlement of the Penfolds acquisition, Dioro is planning follow up RC drilling of key gold targets, including the new Colnago Prospect which interested 1m @ 106g/t (bottom of hole) amongst other anomalous intersections.
In addition Dioro, will begin to unlock the potential nickel value at Penfolds which hasn't been explored for at least 15 years.
