Northern Mining Limited Raises Additional $0.5 Million via Placement
31.10.2012 | ABN Newswire
13:24 AEST Oct 31, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Northern Mining Limited (ASX:NMI) is pleased to advise that it has raised a further $0.5 million ('Shortfall Placement') at 2 cents per share from the shortfall of the recently completed Rights Issue.
The Shortfall Placement was offered to long term shareholders of the Company, as well as clients of Patersons Securities Limited and closed oversubscribed.
This additional amount, together with the proceeds from the Rights Issue (totalling $1,5 million), places the Company in a strong position to progress its gold exploration strategy.
The Company would like to thank all participants for their continuing support.
About Northern Mining Limited:
Since admission to the Official List of the ASX on the 12 September 2006, Northern Mining Limited (ASX:NMI) continues to explore its exciting and diverse exploration portfolio comprising gold, nickel and base metals projects in Western Australia (WA), the Northern Territory (NT) and Poland.
During 2011/2012, NMI focussed its exploration efforts on the East Kalgoorlie Project in Western Australia, where the Company has strong indications of three gold mineralised systems within its tenure (Blair North, Kanowna Lights and Snake Hill Prospects). All prospects are ideally located to key infrastructure and gold processing facilities.
At the Camel Prospect in the Northern Territory, manganiferous outcrops occur in two discrete areas some 23 kilometres apart with limited exposure of rocks anomalous in manganese. At both areas, the zones of interest are covered by a shallow cover sequence. Rock chip values of the limited outcrop returned consistently elevated Mn results up to 15.7% Mn at Area 1 and up to 45.6% Mn at Area 2. The Prospect covers some ~3,260 hectares, is centred 127 kilometres southwest of Alice Springs and is readily accessed by the sealed Stuart Highway which passes through it. The Prospect is <110 km west of the Adelaide-Alice Springs Rail Corridor.
The Company's interest at the Radzimowice Project in Poland, is focussed on a bulk tonnage Au-Ag-Cu target which has not been subject to modern day exploration.
Contact:
Northern Mining Limited
T: (08) 9244 8499
F: (08) 9244 3166
WWW: www.northernmining.com.au