Red Mountain Mining completes 'significantly oversubscribed' shortfall placement
(firmenpresse) - Red Mountain Mining completes 'significantly oversubscribed' shortfall placement
Red Mountain Mining (ASX: RMX) has now completed the shortfall for its pro rata $2.8 million renounceable rights issue offer announced in May.
Having been significantly oversubscribed, Red Mountain will allot the remaining shortfall in about a week, subject to the clearance of funds.
The shortfall comprises 221,033,039 new ordinary shares, 110,516,520 new short-dated options, exercisable at $0.015 on or before 30 June 2014, and 55,258,260 new long-dated options, exercisable at $0.03 on or before 30 June 2016, for a total consideration of $2.21 million (before costs).
Importantly for the company - the success of the capital raising fully-funds its current drilling program that is testing defined, high-grade, epithermal gold exploration targets on its Lobo prospect at Batangas Gold Project, located 120 kilometres south of Manila in the Philippines.
Jon Dugdale, managing director, commented: “We are very pleased that the company has been so well supported in this Rights Issue and we can now press forward with our more intensive drilling and development programs at the Batangas Gold Project.”
Red Mountain commenced Stage 1 drilling at the start of August, with the initial exploration target to be tested is the Japanese Tunnel.
The first drill hole will test immediately under the high-grade surface trenching results of: 5 metres at 10.43g/t gold, including 1 metre at 25.14g/t gold and 2 metres at 18.12g/t gold, including 1 metre at 28.69g/t gold - which were announced earlier in the year.
Subsequent drilling is planned to test mapped extensions of the structure to the south west along strike where 20 metres to the southwest of the initial trench a broad 8 metre wide zone of intermittently exposed veining where previous outcrop sampling to: 5 metres at 6.63g/t gold, 9.9g/t silver, 11.47% copper indicates continued strong mineralization before the veined zone passes into an area of agglomerate, then under limestone cover.
For further information about Red Mountain please visit www.redmm.com.au or contact:
Company Investors Media
Jon Dugdale
Kevin Skinner
Managing Director Field Public Relations
(+61) 402 298026 (+61) 414 822631
(+61) 8 9226 5668
(+61)8 8234 9555
About Red Mountain Mining Limited
Red Mountain Mining (ASX: RMX) is primarily a gold explorer and project acquisition company which listed on the ASX in September 2011. The Company’s strategy is to unlock the potentialof ‘under-developed’ gold and polymetallic projects in the greater Asian region by introducing Australian mining methods and improving efficiencies to gain significant production and exploration upside.
The Company holds direct and indirect interests in tenements in the Philippines that contain significant gold resources and several high-quality copper-gold prospects.
Total Mineral Resources at Batangas at a 0.85 g/t Au lower cut off include Indicated Resources of 2.76 million tonnes (at) 2.3 g/t Au, 208,000 oz Au and Inferred Resources of 3.02 million tonnes (at) 2.1 g/t Au, 200,000 oz Au for a total of 5.78 million tonnes at 2.2 g/t Au, 408,000oz Au (announced January 30th 2013, 2004 JORC). The company is focussed on upgrading the Batangas resources through discovery of new, high grade, gold zones at Archangel, and Lobo(eg West Drift, Pica, Ulupong). The company will continue drilling with the objective of increasing the size and grade of the Mineral Resources at Batangas then completing a scoping study to demonstrate the viability of a potential high-margin gold project development. Other gold opportunities will be reviewed on a continuous basis.
Competent Person Statement
The information in this report relating to Exploration Results, Exploration Targets and Mineral Resources is based on information compiled by Mr Jon Dugdale who is a Fellow of the Australasian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Dugdale is a full time employee and Managing Director of Red Mountain Mining Ltd. Mr Dugdale takes responsibility and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Leseranfragen:
Red Mountain Mining Ltd.
Unit 1, 2 Richardson St
West Perth, Western Australia 6005
Neil Warburton
Executive Chairman
(+61) 408935014
(+61) 8 9226 5668
Datum: 06.08.2013 - 18:12 Uhr
Sprache: Deutsch
News-ID 285159
Anzahl Zeichen: 4765
contact information:
Town:
Wien
Kategorie:
Business News
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