Gold exploration group Dalradian lists on London’s AIM

Dalradian Resources, the Canadian company which has a gold exploration project underway in Tyrone, has listed on the London Stock Exchange's AIM market.

The company, which is also listed on the Toronto Stock Exchange (TSX), views the European listing as a "tremendous opportunity" to attract new investors in the UK, Ireland and Europe.

Dalradian holds the mineral rights to more than 80,000 hectares in the North including its flagship asset, the Curraghinalt gold deposit outside Gortin which, according to the Canadian company, has been identified as one of the top ten undeveloped gold deposits by grade in the world.

Dalradian Resources, which currently has 25 employees in Northern Ireland, first started worked in Gortin four years ago and has completed a number of exploration programmes which it says has identified 3.5 million ounces of gold to date.

Earlier this year the Canadian company raised £22 million via the TSX to finance an underground exploration programme and development activities at the site.

It now intends to carry out a pre-feasibility study and environmental impact assessment before it submits a planning application to construct a mine at Curraghinalt.

Patrick Anderson, Dalradian's chief executive, said he is confident that the AIM listing will attract local investor interest because the company had in advance of the listing received investor inquiries - including some from local residents who want to buy shares.

He is also not ruling out the possibility that Dalradian could in addition seek an Irish listing in the future.

The Canadian company is not using the initial AIM listing to raise funds but Mr Anderson said the prospect of raising funds via its London listing may arise “further down the road” as the exploration project progresses.

He said since 2010 Dalradian has raised more than £55 million to finance its work at Curraghinalt.

Mr Anderson has said he is confident that the project will deliver “industry leading results” and believes that Northern Ireland provides his company with the right combination of “geology, infrastructure, workforce and a business-friendly government”.

According to Invest NI, which has offered Dalradian financial support totalling £326,000, a preliminary economic assessment suggested that an underground mine producing 145,000 ounces of gold per year over 15 years had the potential to contract and employ around 300 workers.