Great Western Mining to list on London's Ofex

Great Western Mining, a Dublin-based exploration group headed by serial mining entrepreneur Emmet O'Connell, is to list on London's Ofex today.

While the company isn't seeking to raise any cash - it has already raised $750,000 (€597,158), Mr O'Connell said he believes now is the right time to increase the group's exposure.

"It's an interesting stage at which to introduce trading in our shares," he said. Currently the group's 25 million shares are held by 40 individual Irish investors. Listing on the Ofex will open the company up to interest from potential new investors and also allow existing shareholders to alter their allocations. More than half the stock is currently held by the directors, and almost half of that by Mr O'Connell himself.

Great Western, a sequel to Mr O'Connell's Eglinton Oil, is focused on exploring for gold and silver in Nevada. It is currently examining data from 1980 in a bid to ascertain whether the site along the Ming Toy fault, which legend has it may contain the "lost Mexican gold mine", really does contain the significant amounts of gold outlined.

"If the data is right, it's what is known as a bonanza deposit," said Mr O'Connell. "That's one that's very rich, but very localised."