gold Phoenix Gold makes flat ASX debut 2011

Junior gold explorer Phoenix Gold has made a flat debut on the Australian stock exchange.

Phoenix shares were trading at their issue price of 20 cents on low trading volumes after reaching a high of 22 cents in earlier trade.

The company raised its maximum initial public offer subscription target of $8 million through the issue of 40 million shares at price of 20 cents per share.

Kalgoorlie-based Phoenix is focused on the Eastern Goldfields and has entered into deals to acquire projects in the Kunanalling, Carbine-Zuleika and Grant's Patch regions.
"The projects are estimated to contain aggregate mineral resources of 977,000 ounces of gold, and the directors believe that there are good prospects of increasing this total," Phoenix said in its prospectus.