(1888PressRelease)
March 15, 2009 - CGY Mining’s CEO, John Elving, said that he was very confident in the ability of the team at MacMillan Frasier to ensure the success of his company’s first IPO.
Mr. Elving was speaking at an industry symposium and added that the future for his company was being built upon what he called the predictable profligacy of global governments’ response to the threat of deflation.
Sources with knowledge of the deal between MacMillan Frasier and CGY are thought to believe that deep mutual consensus on the long-term outlook for gold and skepticism toward the measures being taken by central banks to ease the global recession are among the reasons for MacMillan Frasier being officially appointed to underwrite the issues.
Mr. Elving said that he was impressed by the attention to detail demonstrated by the proposal and the specific proprietary trading desk experience of MacMillan Frasier Head of Corporate Trading, John Chadwick which he said would be crucial to the success of the share issue.
CGY Mining began gold production at its Pinyin Alpha project in July 2007 and has ambitious plans to raise output from this and at least one more project to 35,000 ounces per annum by 2012.
The price of gold is expected to reach $1200 an ounce by 2010 according to a survey of analysts conducted by MacMillan Frasier.
###
