Mawson West raises $2m for copper drilling

Perth-based gold explorer Mawson West Ltd has raised $2 million from the placement of 12.5 million shares at 16 cents per share to RMB Resources Ltd as trustee for the Telluride Investment Trust, and clients of Tricom Equities Ltd.

The placement was oversubscribed.

Mawson has experienced strong investor interest after the recent announcements of high grade drilling results from the Kapulo copper project in the Democratic Republic of Congo.

The Kapulo project is a joint venture between Mawson and Anvil Mining Ltd (Mawson earning 65 per cent) and covers 5,500 square kms of tenements in the DRC and Zambia.

The monies raised will be applied to fund further drilling during the year.

Mawson is working to define a JORC compliant copper resource in the second half of the year at the Kapulo copper project.