Gold producer and nickel explorer Ramelius Resources Ltd's $2.4 million share purchase plan has closed early, with $1.2 million earmarked for exploration of its open-pit gold mine near Kambalda in Western Australia.
Gold producer and nickel explorer Ramelius Resources Ltd's $2.4 million share purchase plan has closed early, with $1.2 million earmarked for exploration of its open-pit gold mine near Kambalda in Western Australia.
An initial $1.2 million will immediately be allocated to explore the Spargoville regional area, just west of Kambalda - the location of Ramelius's developing open-pit gold mine at Wattle Dam.
The Company believes that only now is the potential of the Wattle Dam/North Widgiemooltha region for concealed ore bodies being appreciated.
The region has extensive areas of transported overburden which in the past had proved difficult to explore with earlier generations of exploration technology.
Twenty one gold priority targets have been identified to date, most of which are ready for drilling.
The Company also believes that many of the targets have the size to host big gold deposits.
In addition to the significant gold potential of this under-explored region, Ramelius has intersected massive nickel sulphides at the Hilditch project in the area.
A drilling schedule for the Spargoville Regional Area is expected to be announced by the end of May 2006, after contracts are awarded.
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FULLY SUBSCRIBED SHARE PURCHASE PLAN CLOSES EARLY AFTER RAISING $2.4 MILLION
The Directors of gold producer and nickel explorer, Ramelius Resources Limited ("RMS") are pleased to announce that the Company's Share Purchase Plan has closed early and fully subscribed raising a total of $2.4 million.
Ramelius will immediately move to spend an initial $1.2 million to explore the Spargoville Regional Area, 25 kms west of Kambalda in Western Australia and which is host to the Company's developing open-pit gold mine at Wattle Dam.
The Company believes that only now is the potential of the Wattle Dam/North Widgiemooltha region for concealed ore bodies being appreciated. The region has extensive areas of transported overburden which in the past had proved difficult to explore with earlier generations of exploration technology.
Twenty one gold priority targets have been identified to date, most of which are ready for drilling.
The Company also believes that many of the targets have the size to host big gold deposits.
In addition to the significant gold potential of this under-explored region, Ramelius has intersected massive nickel sulphides at Hilditch. A program of over 1000 metres of diamond drilling is planned, targeting the down-plunge extension of the unit which hosts the nickel sulphides previously intersected.
A drilling schedule for the Spargoville Regional Area is expected to be announced by the end of May 2006, after contracts are awarded.
Free Bonus Options:
As announced on 27 April 2006, Ramelius will issue registered shareholders on the Record Date of 30 June 2006, with one free Bonus Option for every two Shares held. Shares issued under the Share Purchase Plan will participate in the Bonus Option issue.
