Sydney-based gold explorer Chris Battye has launched a new gold exploration venture in Peru.
The former Commissioners Gold founding director and chairman, Battye was only yesterday ousted from his positions in a board spill.
This morning Battye announced he is now managing director of a new, unlisted explorer called Kinsha Exploration Pty Limited, which has commenced due diligence on a potential acquisition of a small gold mining operation in central Peru, with a current 200,000 ounce inventory and substantial silver credits.
Mineral veins within the project are reported to host ore grades of 10-15 g/t gold in veins around one metre wide.
“Kinsha’s immediate push into Peru is not surprising as we have built up considerable on-the-ground experience there when we took Commissioners Gold, from its ASX listing in mid-2011 with a focus on gold exploration in NSW, into the gold production potential of Latin America,” Battye said.
“Our strategy with Kinsha is to acquire selected gold projects in Peru now under due diligence.
“The lead project currently being considered is in production and offers solid exploration upside to increase gold reserves.”
Battye said that given correct market timing, the plan is to take Kinsha through an IPO process via an ASX Bookbuild facility.
“In the current challenging global equities climate for junior explorers and miners, Peru offers excellent near-term opportunity for small gold plays to be brought into increased levels of production, or reactivated from historic workings,” Battye said.
Mr Battye said the Company may also look to Peru’s stock exchange, the Bolsa de Valores de Lima (BVL), as a new project funding source.
Commissioners Gold Board spill
At an Extraordinary General Meeting of Commissioners Gold shareholders in Sydney, Battye and fellow Director, Wes Harder, were replaced on the Board by two directors nominated by the meeting’s requisitioners.
In a pre-meeting letter to shareholders, Mr Battye said he understood the new Directors and their associates planned to change the course of the company, to invest in a “conceptual and very costly greenfields gold project” in the remote highlands of Papua New Guinea.