Swansea Gold acquired by Australian company

New officers have been appointed to Swansea’s board of directors and the company has been restructured.

Sandhurst, which also holds a 21% stake in Queenstake Resources (TSE), said it intends to put two Montana gold exploration properties into Swansea to facilitate their development. The Montana projects include the 5,000-hectare Ruby Creek property where geological reserves are estimated at 4.3 million tonnes grading 2.8 g per tonne, and the 10,000-hectare Emigrant project. The latter property is reported to host a placer gold deposit where bulk sampling is under way.

Swansea’s board of directors has been increased to six, including John Arnold as president, and Charles Laycock and Lee Furlong of Sandhurst as directors. Private placements involving a total of four million shares have been approved also, the company said.

Minority interests in two Ontario claim groups near Larder Lake and Sturgeon Lake, respectively, will be retained by Swansea.

In western Australia, Sandhurst owns the Trafalgar vat-leach gold operation which produces about 22,500 oz of gold per year.

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