Thursday, 30th June 2005 (3255 views)

UK miner Persian Gold has begun trading on the London Stock Exchange's Alternative Investment Market (AIM).

The firm which explores for gold in Iran, raised £1 million by placing four million ordinary shares at a price of 25 pence per share.

Persian's placing price values the company at £14 million, with proceeds being used to fund a concentrated sampling and drilling programme.

The programme is expected to take 12-18 months to complete and covers 320 square kilometres in specific areas in Takestan, north-western Iran.

Persian hopes to implement a new gold exploration model in Iran, which in the past has discovered some of the largest gold deposits in the world.

 

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