Dalradian Commences Trading on the AIM market of the London Stock Exchange
Dalradian Resources Inc. (TSX:DNA; AIM: DALR) (“Dalradian” or the “Company”) is pleased to announce the Company’s common shares have been admitted to trading on the AIM market of the London Stock Exchange (LSE) and that dealings commenced at 8.00am (UK time) today, under the ticker code DALR.
Dalradian Resources Inc. is a Canadian incorporated gold exploration and development company that is focused on advancing its Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company has commenced a work program with a fully-funded budget of approximately C$30 million and the goal of completing a pre-feasibility study in support of a planning application for construction of an operating mine at Curraghinalt. Components of the program include underground exploration, which incorporates approximately 1,200 metres of development and 20,000 metres of underground drilling, a pre-feasibility study and an environmental impact assessment.
The admission to AIM is in addition to the Company’s existing listing on the Toronto Stock Exchange and is part of a strategy to grow the business and make it more accessible to investors in the UK, Ireland and Europe. Dalradian’s operations are in Northern Ireland where the Company is advancing a pre-feasibility study and other pre-productions studies at its high-grade gold deposit, Curraghinalt.
Patrick F.N. Anderson, Dalradian’s CEO, commented: “Dalradian’s listing on the AIM market of the London Stock Exchange is the next and proper step in the evolution of the company. This listing provides easier access for local investors who want to join us in developing a modern and responsible gold mining industry in Northern Ireland.”
In 2014, Dalradian raised £22 million through fundraising on the Toronto Stock Exchange to carry out an underground exploration programme, a pre-feasibility study and an environmental impact assessment at the Curraghinalt gold deposit. Since commencing work on the project in 2010, Dalradian has raised more than £60 million; has completed 50,000 metres of drilling, three resource updates, two scoping studies; and has grown the size of the deposit six-fold.
As a result of this work, in 2012, Curraghinalt was ranked 7th highest by grade of more than 500 undeveloped deposits globally. The deposit remains open and can grow in size, as the vein system continues beyond the scope of completed drilling.
The most recent Curraghinalt scoping study (or Preliminary Economic Assessment), completed in October 2014 by the independent mining engineering firm Micon International Limited of Toronto, shows an Internal Rate of Return on the proposed mine, after tax and royalties, of 36.2% based on a gold price of US$1,200 per ounce and an average mined grade of 9.3 g/t gold. In this study, Curraghinalt will produce an average of 194,000 ounces of gold per year for the first five years of operations and an average of 162,000 ounces of gold per year over the 18 year mine life. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Dalradian’s NI 43-101 report is dated October 30, 2014, entitled “An Updated Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland”, was prepared by Messrs. Jacobs, Gowans, Villeneuve and Foo of Micon International Ltd. and Mr. Maunula of T. Maunula & Associates Consulting Inc., and is available on SEDAR at www.sedar.com.
Canaccord Genuity is acting as Nominated Adviser and Broker to the Company.