Brisbane, Australia - Southern Cross Goldfields (ASX:SXG) activities during the first half of the 2014 financial year comprised:
The merger with Polymetals Mining Limited was completed on 20 August 2013 forming a new gold and base metal company with assets in Western Australia and New South Wales and a pipeline of projects spanning near term production, development, scoping study and exploration, refer Note 7 of the Half Year financial report for details
The Board and management were restructured with Frank Terranova appointed Managing Director 17 September 2013 and Jon Parker appointed Chairman 22 September 2013. The Board was reduced from six members to three, realising corporate cost savings. The head office relocated to Brisbane in December 2013.
Activities were undertaken to strengthen the Balance sheet with the following cash generation and preservation items completed:
- A $2.8 million refund of the Sandstone Bond was received through SXG opting into the new West Australian DMP Mine Rehabilitation Fund (MRF);
- Sale of Samford corporate offices in Queensland settled in November 2013 generating $1.5 million before costs;
To view the full report, please visit: http://media.abnnewswire.net/media/en/docs/76761-ASX-SXG-671009.pdf
About Southern Cross Goldfields Limited:
Southern Cross Goldfields (ASX Ticker: SXG) is an Australian mining and exploration company that is on the move. Investors in SXG are exposed to a compelling combination of near-term cash flow and outstanding exploration potential in the gold sector.
Contact:
Southern Cross Goldfields Ltd. Frank Terranova, Managing Director T: +61-8-9215-7600 F: +61-8-9215-7600 E: admin@scross.com.au www.scross.com.au
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Brisbane, Australia - Southern Cross Goldfields (ASX:SXG) activities during the first half of the 2014 financial year comprised:
