Monday, September 20, 2010

Apollo Consolidated into West African Gold

With the gold price at current highs it seems that every junior is either switching their exploration focus to their gold projects, vending a gold project into their company or completely changing their company activites to gold exploration.

Apollo Consolidated (AOP) is one such company.  It used to be a biotech and has come back out of administration with a now focus on gold exploration.  It's first foray into the gold sector was it's purchase of an 80% interest in the Rebecca Gold Project located 150km east of Kalgoorlie in Western Australia.  It appears however that the company is really starting to gain interest following it's announcement in July and presentation last week regarding the option it has to acquire Aspire Minerals Pty Ltd, a company with tenements within Cote d Ivoire.  Apollo Consolidated has sprouted off in the recent announcement that not only are the guys that helped get Gryphon Minerals (GRY) and Ampella Mining (AMX) get off the ground are involved but the project does have some 'nearology' to Perseus Mining (PRU).  These are some big names and very successful explorers in the West African gold game.

Today's share price action is strong with the shares currently up $0.002 to $0.017 with good volume.  The sell side is reasonably thin however with over 484 million shares on issue I do have reservations about how many of those will come on to the market.  I also need to take a closer look at the terms of the option (to buy Aspire Minerals Pty Ltd) but one thing is for sure, and that is there's quite a lot of interest in this one.

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