Ampella takeover speculation mounts

Company News

Ampella Mining Limited (ASX:AMX) has revealed it has received further expressions of interest and requests for access to due diligence from other gold companies.

The West Africa focussed mineral explorer says it will now undertake a targeted process to test whether any party is willing to put forward a proposal.

Ampella does not intend to provide further information about the talks until a final position is known which it believes could take two to three months.

Seperately, Ampella plans to inject $25.3 million into aggressive regional exploration programs this year following a recent $45 million raising.

Ampella’s focus for exploration is to complete regional drill programs on its Batie West gold project in Burkina Faso in West Africa.

Ampella Mining reported a net loss of $24 million in the 12 months to the end of June 2011.