11/06/2009 - 15:47

Exco raises $7m for SA gold project

11/06/2009 - 15:47

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West Perth-based Exco Resources has raised more than $7 million for its share of development costs for the White Dam gold project in South Australia.

Exco raises $7m for SA gold project

West Perth-based Exco Resources has raised more than $7 million for its share of development costs for the White Dam gold project in South Australia.

Stripe Capital managed the placement, which issued 30.6 million shares at 23.5 cents each to raise $7.2 million.

Exco's largest shareholder, Ivanhoe Australia, participated in the placement.

The project is a joint venture with Polymetals Group, which will acquire a 25 per cent interest in the project and manage the development and operation of the project.

First gold production is expected early next year.

Shares in Exco closed down two cents to 28c today.

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