21/09/2007 - 14:39

Montezuma raises $963,180 for gold, copper drilling

21/09/2007 - 14:39

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Perth-based junior miner Montezuma Mining Company has raised $963,180 from the issue of 4.8 million shares, to fund drilling at its gold and copper projects.

Montezuma raises $963,180 for gold, copper drilling

Perth-based junior miner Montezuma Mining Company has raised $963,180 from the issue of 4.8 million shares, to fund drilling at its gold and copper projects.

 

 

The full text of a company announcement is pasted below

Montezuma is pleased to announce the completion of a placement to raise $963,180 before costs. 4,815,900 fully paid shares have been issued at a price of $0.20. Subject to shareholder approval, a 1 for 4 free attaching $0.20 option will be issued to participants.

After shares have been issued pursuant to the placement, Montezuma will have approximately 36.9M shares on issue and $2M in cash.

The funds will be used to finance drilling programmes at the newly acquired high grade gold project at Peak Hill, as well as initial drilling at Mt Padbury (gold), Callawa (copper), and first pass testing of the large coherent gold in soil anomalies at the Talga Project.

Work will initially commence at the Jubilee Prospect at Peak Hill, where earlier shallow drilling down to approximately 50m has defined extensive zones of gold mineralisation with assays up to 590 g/t gold over a metre and composite intersections including 5m @ 201.74 g/t and 10m @ 14.83 g/t.

Jubilee is one of four key target areas at the Peak Hill Project with ongoing exploration planned to test the Main Pit Deeps, Harmony and Enigma North deposits.

Montezuma intends to aggressively explore Peak Hill with a view to rapidly expanding on the existing resource base of approximately 200,000 ounces with an initial strategic goal of commencing production within 3 years.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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