Funding announcement
Perth, Dec 13, 2012 AEST (ABN Newswire) - Blackham Resources Limited (
ASX:BLK) has secured further funding for its 100%-owned Matilda Gold Project which currently yields 1.4 million ounces of gold resources in a major Western Australia goldfield. Blackham has agreed to issue 2,500,000 ordinary shares ("the Placement") at AU$0.16 per share to mainly to existing shareholders of the Company. The Investors are all professional and sophisticated investors and a separate disclosure document is not required.
Approval for the Placement falls under its 15% capacity.
The funding is in addition to the AU$6,075,000 in undrawn funds under its funding agreement with The Lind Partners, LLC, manager of the Australian Special Opportunity Fund (together, "Lind"), a New York-based institutional investor. For further details on the Lind Funding Agreement please refer to the announcement from 26 April 2012.
The Matilda Gold Project has progressed rapidly over the last year since acquisition:
- increased gold resource from 310,000oz to 1.4Moz
- confirmed metallurgy as free milling over 83% of the resource
- intercept broad mineralisation down plunge at M1
- intercept high grade mineralisation down plunge at M4
- completed an initial scoping study at the Matilda Mine confirming robust economics - $0.85/share NPV and IRR 300%
Blackham's Managing Director, Bryan Dixon, stated, "Blackham has received significant interest in its Matilda Gold Project. The Placement and Lind Funding Agreement will allow Blackham to advance exploration efforts with the aim of unlocking significant value at its Matilda Gold Project. These arrangements ensure that our ongoing efforts are funded in the medium term."
About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.
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