There is just over a week before the opportunity to buy some of the 119.8 million New Talisman Gold Mines (NTL) shares on offer closes. The offer is open to eligible shareholders who can subscribe for one new share for every three existing shares held, until November 23.

The company says the offer is expected to raise $1.2 million which will be used to advance the Talisman gold project in New Zealand’s North Island. The site is about 150km south of Auckland, with easy access to good roads, ports, power and services and a trained workforce. Preliminary exploration has confirmed high gold grades.

“The proceeds of this share offer will advance the Talisman project through pre-feasibility, including a project development study to include mining and processing options, safety and environmental requirements and fund general working capital,” says NTL’s executive director Mathew Hill.

The company holds a 25-year mining permit covering 200 hectares at the historic Talisman mine within the Hauraki goldfield which produced 1 million ounces of gold and 3 million ounces of silver in between 1880 and 1992.

A total mineral resource of 205,000 ounces of gold and 800,000 ounces of silver has been previously estimated at the licence area. NTL says a scoping study has identified several alternative development options, all with a small operating footprint and low environmental impact.

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