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Athena Resources 20c shares open at 24c, close at 22c

16:32, Wednesday, 22 November 2006

 

Sydney - Wednesday - Nov 22: (RWE Australian Business News) -

Athena Resources Ltd (ASX code: AHN) joined the sharemarket lists for

the first time today, and the 20c shares opened at 24c, fell to 21.5c

and closed at 22c.

In two hours 450,000 shares were traded.

Athena raised capital to fund exploration for nickel sulphides

and gold in Western Australia.

The company said it offered entry to exploration programs in the

1600 sq km Ravensthorpe project in the southeast and the 970 sq km

Ashburton project in the Pilbara, both targeting nickel and gold

mineralisation in Proterozoic orogenic belts that had been previously

overlooked as exploration targets in WA in favour of greenstone belts

within the Archeaen cratons.

 

 

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Athena Resources makes market debut at 10% premium http://www.sharescene.com/html/emoticons/smile.gif

22-November-06 by AAP

 

Athena Resources Ltd shares closed today at a 10 per cent premium to its offer price in a bouyant debut on the Australian Stock Exchange.

 

The miner's shares started trading at 24 cents, four cents above its offer price of 20 cents before settling back to close at 22 cents.

 

Athena plans to use the $2.4 million in funds raised through the initial public offering to explore for nickel sulphides and gold in Western Australia.

 

The explorer's two main projects are the 1,600 sqkm Ravensthorpe project and Ashburton in the Pilbara.

 

"At the Ravensthorpe project the company is exploring for nickel sulphides associated with a series of differentiated dykes informally termed the Coujinup dyke swarm," chairman Edmond Edwards said in Athena's prospectus.

 

"Little previous exploration has been carried out specifically targeting mafic rocks of this age and type in the Ravensthorpe area."

 

Mining giant BHP Billiton Ltd's $2.34 billion Ravensthorpe Nickel Project, which is a mine and treatment plant, is unrelated but in the same region.

 

Athena's Ashburton project consists of one granted mining lease and three contiguous license applications covering a combined area of about 970 square kilometres.

 

"The Ashburton project area was initially selected on the basis of the regional geophysics which show a number of features often associated with large mineral systems," Mr Edwards explained in the prospectus.

 

"The combination of folds and thrust faults in rocks of the Ashburton and Capricorn formations, and granite intrusions are of particular interest."

 

http://www.wabusinessnews.com.au/en-story....-10-premium/dba

 

 

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Athena option to buy 75pc of nickel sulphide project http://www.sharescene.com/html/emoticons/wink.gif

15:15, Friday, 8 December 2006

 

Sydney - Friday - December 8: (RWE Australian Business News) -

Athena Resources Ltd (ASX code: AHN) has entered an option agreement to

acquire 75 per cent of the Oldfield nickel-copper sulphide project

(exploration licence E74/218) at Ravensthorpe in WA from Ucabs Pty Ltd.

Exploration licence E74/218 is centrally located within the main

area of Athena's Ravensthorpe project.

Previous exploration by Nickel Search NL in the early 1970s and

Normandy Poseidon Ltd in 1992/93 located five copper-nickel gossans

within the project area.

These gossans are typically associated with serpentinised

ultramafic rocks that are interpreted to have intruded the granite.

In 1972 Nickel Search drilled three diamond drillholes that all

intersected disseminated sulphide mineralisation.

The sulphide mineralisation is associated with a prominent

north-south orientated magnetic high, which Athena attributes to the

serpentinised ultramafic dykes.

 

*****

 

Terms of the agreement are:

1. Athena paid Ucabs $250,000 for the first-year option period.

2. Athena may extend the option by a further 12 months by making

a second payment of $250,000 and $200,000 of Athena shares at that date.

3. The option may be exercised by final payment of $1.5 million

and $1.5 million worth of Athena shares at that date.

4. Ucabs will be free-carried for its 25% interest to completion

of a feasibility study.

The vendor is not associated with Athena or its directors.

Athena will seek shareholder approval to raise up to $525,000

(before costs) through the placement of up to 2.5 million shares at 21c

each to fund the purchase of the Ucabs project, to allow for additional

expenditure related to the option agreement and provide working capital.

The issue will include a free attaching option for each share

subscribed. The options will be exercisable at 20c and expire on

November 30 2009.

 

 

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