Apollo Consolidated now has two suitors, stock jumps

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold Road Resources (ASX:GOR) is making an offer for ApolloConsolidated (ASX:AOP), following Ramelius Resources (ASX:RMS) proposal fromearlier this month.

The Gold Road offer was announced today by Apollo.

Apollo is an Australian-based gold exploration company. Itholds a portfolio of tenements led by the Lake Rebecca Gold project, only150kms from Kalgoorlie. The Rebecca project has a 1.035 millionounce mineral resource.

Gold Road's proposal is an all-cash offer of 56 cents pershare Australian, implying an Apollo equity value of approximately A$166million on a fully-diluted basis.

Apollo said that Gold Road's offer of cash represents apremium to the current value of Ramelius' cash and scrip offer of 54.4 centsAustralian.

Gold Road is already Apollo's largest shareholder havingacquired 19.9%.

Over the past month Apollo Consolidated has traded up 59% to59 cents Australian.

By Michael McCrae

For Kitco News

Follow michaelmccraemmccrae@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Another 'Bubble Check' for the gold sector

Gold stocks continue to hit new highs

Some mining stocks exposed to Burkina Faso take major hit

Gold stocks again hit new highs

Gold stocks reach new highs on metal price gain