Silver City Minerals (ASX: SCI) has bucked the trend of many recent IPO's which were pulled due to recent adverse market conditions, with the company admitted to the ASX after offering 50 million shares at $0.20 to raise $10 million. Silver City is targeting exploration in the world class Broken Hill silver, zinc and lead mineral province, and will hit the ASX boards at 11:00 am AEST on Wednesday 6 July 2011, with just over 80 million shares on issue. The company has been building an asset base in the Broken Hill region for almost three years, with $2 million spent on exploration and acquisition activities. Most importantly for this new listing, Silver City has an extensive footprint covering 1,700 square kilometres across 20 tenements, where 19 exploration targets - including six drill ready prospects, have been identified. These tenements contain more than 1200 recorded old workings and 168 Broken Hill-type silver, lead and zinc occurrences, representing prime target zones for the discovery of Broken Hill style silver-lead-zinc deposits. The Broken Hill ore body has been mined continuously since 1883, and is contained within a 20 kilometre long trend of characteristic lode rocks and silver-lead-zinc mineralisation. A deposit just a small fraction of the size of the Broken Hill deposit represents a major target for Silver City. Broken Hill is one of the world’s great silver districts, having produced over one billion ounces of silver.

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