Auryx Gold heading for Toronto bourse

THE Namibian-focused exploration and development company Auryx Gold intends listing on the TSX at the beginning of July.

Auryx bought the Otjikoto gold prospect located in north-central Namibia from Teal Mining & Exploration, after a competitive bidding process. Teal is equally owned by Brazil’s Vale and South Africa’s African Rainbow Minerals.Otjikoto contains nearly two million indicated and inferred gold ounces, and has ‘excellent potential to expand its existing resource’, Auryx says. The company adds it has an ‘extensive deal pipeline for complementary acquisitions’.The property is the same geographical area as AngloGold Ashanti’s Navachab, Namibia’s only gold mine, which produces 80 000 oz/year. Meanwhile, Gold One (which changed its name from Aflease Gold in 2008) holds a prospecting right over the nearby Etendeka deposit, while Canada’s Teck Resources has prospecting joint ventures with companies including TSX Venture Exchange-listed Helio Resources and TSX-listed INV Metals.Auryx Africa President and Operations Director Heye told Mining Weekly Online ‘there are definitely many permutations possible here’ for discussing potential synergies with the others in the neighbourhood, but that Auryx’s focus for now will remain on bedding down the new company, progressing with exploration programmes and, ultimately, project development.The company could scantly have chosen a better time to bring a gold project to the market, with the price of the yellow metal threatening to again reach new records, having soared to above $1 260/oz earlier in the month.Auryx, should it be brought into production, would generate revenue in Namibian dollars. – miningweekly.com