A THIRD player in the mining sector has established itself in Orange and it is looking for capital.
Godolphin Resources Limited, a spin-out of Perth-based Ardea Resources, has been exploring the region for the past two years, with projects planned at Lewis Ponds, Yeoval, Copper Hill East near Molong and Mount Aubrey, located between Yeoval and Parkes.
Geologist Johan Lambrechts said the company's office in Orange would officially open on Wednesday, with a chief executive officer in place and share offers also available.
A prospectus has already been released for potential investors.
Mr Lambrechts said the company aimed to raise at least $4 million, with a maximum of $8 million from share sales, which will finance further exploration.
"All going well, we expect for the shares to commence trading as of the 20th of December," he said.
However, there could be more than a three-year wait before any impression is made in the ground - the Mount Aubrey gold deposit is likely to be the first mine Godolphin will pursue and Mr Lambrechts said the environmental studies and licence applications had not yet begun.
Lewis Ponds, which is expected to yield gold, zinc and lead, would likely follow Mount Aubrey and both are likely to start as open-cut mines.
Mr Lambrechts said drilling results so far had been consistent with what Godolphin expected to find and the workforce would soon grow from two geologists to four to handle the work.
"All our employees will live and work in Orange," he said.
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