African Consolidated raises new cash to fund aggressive exploration plans
18 November 2009
African Consolidated Resources, the Zimbabwe focused exploration company, is charging ahead with a new 13.75p per share placing and subscription round that should net the company £9.5 million.
The company intends to use the new cash, together with its own funds of £1.8 million and cash flow from its recently announced Pickstone gold tailings retreatment project, to pay for an aggressive exploration programme.
In particular, African wants to kick off a drilling program at the Blue Rock gold project with the aim of defining a maiden JORC resource. It also wants to drill at the Pickstone Peerless gold project, the Giant Mine gold project, the Chishanya phosphate project and carry out pitting activities at the Horseshoe nickel project.
The company wants to progress exploration activities across its wide portfolio of projects including electromagnetic survey and drill target definition work at the Perseverance nickel project, selective diamond drilling at the Snakes Head platinum project and Cedric copper project and regional diamond exploration.
Separately, African said it was continuing to make representations to the Zimbabwean Government that it is willing to co-operate in developing a diamond mining operation at its claims on the Marange diamond fields. Progress on this front has been complicated by news that the state owned Zimbabwe Mining Development Corporation has failed to vacate the diamond fields as instructed by the High Court and has entered into a joint venture arrangement with a third party with the aim of establishing a commercial mining operation.
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