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Greatland boosted by big news

Australian-focused Greatland Gold’s (LN:GGP) big news week boosted its shares by 167.1%, taking it to the top of this week’s list of London and Johannesburg-listed market risers.
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Greatland is looking to strengthen its position at Ernest Giles East

Staff reporter

A week ago the exploration and development company said it had identified multiple gold targets at its Ernest Giles East project in Western Australia, which is under agreement with a Newmont Mining (US:NEM) subsidiary.

"We believe these results further highlight the potential for the Ernest Giles gold project to be one of most significant gold districts to be identified globally within the last decade," CEO Gervaise Heddle said.

The company followed this up with plans to expand its landholding at Ernest Giles East by applying for an additional 200sqkm exploration licence, to strengthen its "first mover advantage in this new gold province".

During the week, it also announced it was starting exploration at its Paterson project in the state's north, with plans to test the Havieron and Scallywag targets.

Greatland also said it would issue more than 115 million new shares after receiving binding warrant conversion notices totalling almost £350,000.

Connemara Mining Company (LN:CON) put in a strong performance, up 84.4% for the week, as some information on the Stonepark zinc project it has a 23.44% stake in became public for the first time.

The information was released in the project's majority stakeholder Group Eleven Resources' prospectus for listing on the TSX Venture Exchange.

Finally, Goldstone Resources (LN:GRL) rounded out the list gaining 25.4% as numerous shares changed hands.

Previous 22.97% stakeholder Stratex International sold its remaining 13.7% stake at 1.6p per share to institutional investors, saying its dilution following a recent capital raise meant its ownership had "dropped below what is considered meaningful".

In conjunction, Stratex non-executive director Emma Priestley resigned due to her full-time commitments as Goldstone CEO.

Days earlier, Priestley sold 2 million Goldstone shares to Goldstone non-executive chairman Bill Trew for 1.6p/share.