Queensland Mining Corporation Limited A$3 Million Funding Announcement
16.06.2011 | ABN Newswire
12:50 AEST June 16, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Queensland Mining Corporation Limited (ASX: QMN) is pleased to announce it has an in principle agreement with Tulla Resources Group Pty Ltd for the provision of a A$3 million loan facility. The parties are currently finalizing the documentation. The funds will be used for working capital, preparation for mining and delivery of copper ore to third party processing plants, implementing the current season\'s drilling program, upgrading QMC\'s White Range JORC resource categories and the updating of the Matrix Metals\' (ASX: MRX) 2005 feasibility study of the White Range project.
About Queensland Mining Corporation:
Queensland Mining Corporation Ltd (\'QMC\') (ASX: QMN) is focused on the exploration and development of its suite of copper and gold projects in the Cloncurry region of northwest Queensland.
QMC is confident that early cash flow can be achieved from its Flamingo Copper Project and the Mount Freda / Gilded Rose Gold Projects. In conjunction with this development, high impact exploration is being undertaken for large IOCG style deposits (e.g. Ernest Henry and Olympic Dam) on the company's Morris Creek and Jessievale properties.
The Cloncurry south project area includes the White Range Project has provided QMC with a large JORC compliant resource, that will provide the basis for a long life mining operation in the Cloncurry region. This purchase offers synergies with the existing QMC mining lease and exploration portfolio and ensures that the company will achieve its goal of being a major mining entity within the short to medium term.
Contact:
Richard Hill
Director/Company Secretary
Queensland Mining Corporation Limited
http://www.qmcl.com.au