First Au Ltd V.FAU.H

Primary Symbol: FRSAF

Metals & Mining Industrial Metals & Minerals

First AU Limited is an Australia-based advanced gold and base metals exploration company. The principal activity of the Company is exploration for gold and other metals in its interests in mining tenements located in Western Australia and Victoria. It is engaged in pursuing exploration programs at its Victorian Goldfields Project in East Gippsland and its 100% owned Gimlet Gold project near Kalgoorlie. The Victorian Gold Project is located in the Gippsland region, which is in the historic mining area of Swifts Creek and is focused on the Haunted Stream and Snowstorm Projects. The flagship Haunted Stream Project is located in East Gippsland Victoria (340 kilometers (km) South East of Melbourne). The Company’s Gimlet Gold Project is located approximately 15 km northwest of Kalgoorlie, Western Australia EL26/174 and application M26/849 -9.6 square kilometers. The Snowstorm Prospect is located within the historic Swifts Creek Goldfields in the East Gippsland region.

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First Au Ltd

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Post by sirsavvyon Nov 15, 2011 10:35pm

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Post# 19240470

Recent Financing

I'm not very impressed with the share price and the lack of communication around what is happening with the doré production/ payments. The constant delaying of the CIL circuit is also very frustrating as it prevents them from processing the higher grades at a time when we could use some good production. However, the recent financing was not out of the blue and was clearly mentioned in their MD&A from September.

Here's the extract:

However, FAU will be seeking to make available additional sources of funding of up to $10M to act as a

contingency to supplement working capital needs for the transition from development to production, and

to expand the exploration program.

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