China Goldmines plc is seeking to list in China as soon as possible, its chief executive said on Friday, after it placed £30 million (US$60.7) in new shares and doubled its market size on London`s Alternative Investment Market.

"We are definitely exploring a dual listing in Shanghai as soon as possible," chief executive Frank Vanspeybroeck said on Friday. Earlier, its broker Brewin Dolphin had said that the Newcastle, England-registered firm was looking to list in Shanghai as early as 2008.

"We`ve raised money so we don`t need funds at the moment, it would be about boosting liquidity," Vanspeybroeck said. But the Shanghai listing could be used to raise money for acquisitions in future, he said.

China Goldmines, which floated in February 2006, is using the money it announced it had raised  on Friday to buy and develop eight mines at the Guanzhuang project in Hunan province and explore the surrounding area. The company said it aimed to increase annual gold production to 150,000oz, from 25,000oz.

"What`s interesting is in a very, very, volatile market we`ve been able to get that level of support for what is a very small company," Brewin Dolphin head of corporate broking Jamie Cumming said.

The share placing for institutional investors was made at at £1.20 per share, a small discount to Thursday`s £1.22/share closing price.

Shares in China Goldmines - currently valued around £29 million - rose more than one third when it gave a bullish resource estimate in July that was ahead of market expectations.

The company in July defined an initial inferred resource containing 1.8 Moz of gold for its Guanzhuang gold project in Hunan province, China.