30th November 2009
ASX/MEDIA RELEASE
PERTH BASED ETHAN MINERALS’ IPO CLOSES OVER SUBSCRIBED
Following the official opening of its Initial Public Offering (IPO) on the 9th of October 2009, the Board of Ethan
Minerals Limited are pleased to announce that its IPO has closed oversubscribed, having successfully raised
the maximum amount sought of $4 million. With an additional over subscription of $1 million it takes the total
raised to $5 million. Ethan Minerals will list on the ASX on Friday the 4th of December 2009. The total number
of shares on issue, on listing will be 54, 431, 250 shares and Ethan Minerals will have a market capitalisation on
listing of over $10.5 million. The lead Manager to the IPO is leading Sydney based, investment advisory and
securities firm, Fernshaw Securities Pty Ltd.
Ethan Minerals is an exploration company established to explore for and develop copper, lead, zinc and
associated gold and silver resource opportunities in Australia.
The Company’s key tenement contains the historical Mary Springs Mine where a JORC Inferred Resource, as
calculated by Minemap, contains some 145,000 tonnes at 11.5% lead. Ethan Minerals has approximately
1,000km² of exploration area in Northampton, north of Geraldton, Western Australia, which also includes the
uniquely positioned Queen Victoria Crown Grant licences (QVCG). These unique licences are not known as
Crown or Commonwealth land and therefore are not technically part of Australia, nor are they subject to the
normal legal jurisdiction. On this basis, the Western Australian Government has not been able to grant
Exploration or Mining Licences over these areas and cannot collect royalties for base metal production. Native
title issues and EPA considerations are also exempt from Government influence. In addition, Ethan Minerals
has an agreement to explore on 50,000 hectares of native owned and largely underexplored land. This
agreement was negotiated over a three year period to entitle the Company to obtain the exploration licences.
According to Ken Fitzgerald, Executive Director, Ethan Minerals,
“The funds raised in the IPO will be utilised to explore and aggressively develop the targeted exploration areas.
Ethan is uniquely positioned to explore, develop and profitably mine the well known and richly mineralised
poly-metallic Mary Springs Mine area that has never been properly explored due to lack of cohesively
negotiated Mining and Land Access Agreements.”
If you would like to interview Ken Fitzgerald, contact Rod North, Bourse Communications on (03) 9510 8309
or 0408 670 706.
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