Three WA mineral explorers to raise $4.5m

Three Western Australian mineral explorers have announced placements and underwriting of offers worth a total of $4.5 million today, giving further credence to ongoing market optimism in the sector.

Perth-based gold explorer Crusader Holdings NL has annoucned an $1.6 million underwriting of the company's listed 20c options by Tricom Equities Ltd. The exercise of the 8 million underwritten options at 20c each atDecember 31, 2006 will raise $1.6 million for the company.

Meanwhile, Perth-based Latin Gold Ltd will place 25 million shares at 6c each with Australian stockbrokers to raise approximately $1.5 million, funding the acquisition and exploration of the Paron Gold Project.

Perth-based Murchison United NL will also place 25 million shares at 6 cents to raise approximately $1.5 million, to be made with Hartleys Ltd.

The funds raised will be used by the company for exploration programs at its uranium projects in Guinea and Mauritania, as well as evaluation of alternative sources of value from its Queensland Millenium copper project and its joint venture interest in the Maroochydore copper project in WA.