Golden Cross Resources (ASX:GCR) has requested a trading halt for its shares on the ASX pending an announcement by Friday, December 18 related to an off-market takeover bid for the company.
Golden Cross is expecting to update investors on a potential funding package that would represent an alternative to a takeover offer by HQ Mining Resources.
HQ bid A$7.1 million for full control of Golden Cross in October, prompting a response from Golden Cross that the bid price of $0.07 per share did not represent fair value.
Shares in Golden Cross last traded at $0.08, which represents an almost 40% increase since initial announcement of the HQ bid.
The latest operational update from Golden Cross has focused on the start of a metallurgical program at its Copper Hill project in New South Wales.
The initial non-optimized flotation test has performed very well, with the rougher concentrate delivering recoveries of 90% for copper and 71% for gold.
This result could have a significant impact on future project economics.
Copper Hill contains a resource of 310,000 tonnes of copper and 890,000 ounces of gold within a constrained optimised open pit.
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News - Golden Cross Resources halts shares ahead of funding news
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