Emmerson looking to raise $15M and target Tennant Creek

Posted with permission from AAP NewsWire, AAP Financial News, 19th November, 2007

By Ben Sharples

MELBOURNE, Nov 19 AAP - Gold explorer Emmerson Resources Ltd is looking to raise $15 million through an initial public offer (IPO) and breathe new life into the Tennant Creek region of the Northern Territory.

Emmerson said the funds raised from the IPO would underpin a major exploration campaign in the region targeting "the next generation of gold and copper discoveries".

"Our approach will be based on a re-evaluation of the entire Tennant Creek field and the implementation of aggressive yet systematic exploration using the latest techniques," Emmerson managing director Rob Bills said.

"Our view is that the declining discovery rate in the field does not reflect metal depletion, but rather a lack of new exploration concepts and the application of modern exploration techniques."

Emmerson has acquired the assets of Centralian Minerals Ltd, formerly Giants Reef Mining Ltd, which includes the only gold treatment facility in the region.

The company is issuing shares at 20 cents each and will accept a further $5 million in oversubscriptions to take the total funds raised to $20 million.

The junior explorer is aiming to list on the Australian stock exchange in mid-December.

Emmerson non-executive chairman Andrew McIlwain is the former managing director of Lafayette Mining, while Mr Bills is a former BHP Billiton and WMC Resources executive.