Iberian Resources in $10.2 million placement

Emerging gold producer Iberian Resources announced the successful completion of a $10.2 million share placement.

The placement comprised 17 million ordinary shares at $0.60 and comes on the back of the company's $8.1 million placement late last year, which saw shares offered at $0.30.

Iberian's latest placement, placed with institutional clients of KTM Capital, is seen as evidence of the company's ability to attract support from the market.

Proceeds of the latest placement will be used to fund the re-commissioning of the company's Lichkvaz gold project in Armenia from mid 2006.

Funds will also be used for further exploration around the Lichvaz area, and for work at another one of its Armenian sites, Marjan.

Meanwhile exploration and pre-feasibility study continue at the company's Montemor project in Portugal.