Kalgoorlie-Boulder raises $2.5m for Norseman project

Aspiring gold miner Kalgoorlie-Boulder Resources Ltd has raised $2.5 million to fund ongoing exploration at its Norseman gold project in the eastern goldfields of WA.

The project attracted significant investor interest recently when the release of a resource upgrade sent the share price soaring with most of the company's issued capital changing hands.

At its annual general meeting in Perth today KBRL told investors it had raised $2.5 million via a placement issue to clients of Perth-based stockbroking firm Patersons Securities.

The placement was priced at 18 cents per share.

KBRL shares last traded at 20.5 cents, down 4.5 cents but still almost three times higher than the 7 cents its shares traded at prior to its 20 per cent increase of its total inferred mineral resources of 1.2 million ounces on November 7.

KBRL said it was continuing to drill at the Norseman project and expected to release a further upgrade to tis project resources by the end of the year.

The company also released recent drilling results from the Selene deposit at Norseman, which was the second phase of a series of campagins aimed at growing the resource base at Norseman.