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Having recently concluded its rights issue and general offer, raising some $11.3 million, Kimberley Metals Limited is set to debut on the ASX on Thursday, 25 February. On Monday, the company released encouraging drilling results from its 100% owned Mineral Hill Gold-Base Metal Project (refer to website at www.kimberleymetals.com.au).

The company said first results from its reverse circulation drilling program, currently in progress at the Pearse deposit, returned high grade intersections for both gold and silver.

The company said this deposit is being drilled on 12.5 metre centres to approximately 100 metres depth to extend and infill the current Inferred Mineral Resource of 281,000 tonnes grading 8.0 g/t Au and 125 g/t Ag, upgrade part of that resource to indicated status and allow preparation of an initial open cut mine plan. Early indications are a low-cost gold mine with large cash margins is possible.

The company said assays for 8 holes on the northernmost drill traverse have been received, with significant results returned for 5 of those holes covering 65 metres across strike.

The results include 19m @ 8.3 g/t Au, 130 g/t Ag from 43 m and 36m @ 11.0 g/t Au, 196 g/t Ag from 28m.

Jim Wall, Executive Chairman of Kimberley said these results were highly encouraging and provide confidence that the processing plant at Mineral Hill can be recommissioned to treat the Pearse gold/silver ore.

He noted that metallurgical test work and environmental analysis has commenced.

Pearse is located approximately 1 kilometre from Kimberley’s Mineral Hill processing plant, which is expected to facilitate a rapid and low capital cost development of this high-grade gold deposit. The company also has a 1.9Mt sulphide resource, grading 8% Zn equivalent and other resources including a 0.6Mt oxide resource grading 7% Zn equivalent at Mineral Hill. The company envisages an ultimate long mine, with production of gold and base metal concentrates.

In addition to Mineral Hill Kimberley has a 100% interest in the Sorby Hills Lead-Silver Project, which contains a near surface inferred resource of 16.9 million tonnes grading 4.6% Pb and 56g/t Ag, located close to established infrastructure.

The company also has a 30% stake in the Constance Range Iron Project with an option to lift its interest to 50%.

The aspiring precious and base metals producer became an independent entity in May 2008 when the shareholders of CBH Resources agreed to the distribution of its 100% shareholding in Kimberley to CBH shareholders. 

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Charter Hall Funds Management Limited has invited investor participation in its new 130 Stirling Street Trust. Under this offer, Charter Hall is seeking to raise up to $40.6 million to purchase the recently completed office on the fringe of Perth’s CBD.

The group is offering ordinary units in the unlisted property trust at an issue price of $1.00 per Ordinary Unit with a minimum $10,000 investment per investor.

Charter Hall manages core plus and opportunistic real estate strategies in Australia, with $3.2 billion in assets under management, diversified across five wholesale unlisted property funds, two diversified retail unlisted property funds and six closed-end syndicates.

The group said it selected the Stirling Street Property for its 7th closed-end syndicate specifically due to the tenant covenant profile, 100% leased status, long weighted average lease expiry of 8.9 years and solid fixed rental increases averaging 4.3% per annum.

“Charter Hall considers the 130 Stirling Street Property to be one of the highest quality office buildings constructed outside the Perth CBD core and, importantly, believes an investment in the Trust will give unit holders exposure to Perth’s strong economic growth forecasts,” the group said.

The 130 Stirling Street Property will be purchased for $71.6 million, which is equal to the independent valuation, equating to a capitalisation rate of 8.5% and an 18% discount to the independent valuation as assessed in September 2008.

“The relatively high capitalisation rate and minimal transaction costs give the Trust substantial opportunity to deliver capital growth to Unitholders in addition to a solid distribution yield,” the groups said.

The group said unit holders would also benefit from stable and reliable tax advantaged income returns with strong distribution yield growth.

“The Trust will distribute monthly cash distributions, forecast to reflect an 8.3% yield over the first year and, with the benefit of fixed rental annual increases, growing to a forecast 9.0% yield for the second year,” Charter Hall said.

The offer opens on 12 November 2009 and is slated to close on 18 February or when the maximum offer amount is raised, whichever is earlier.

You can download the prospectus here.