Adelaide, May 8, 2006 AEST (ABN Newswire) - The Directors of gold producer and nickel explorer, Ramelius Resources Limited (ASX: RMS) are pleased to announce that the Company's Share Purchase Plan has closed early and fully subscribed raising a total of $2.4 million.
Ramelius will immediately move to spend an initial $1.2 million to explore the Spargoville Regional Area, 25 kms west of Kambalda in Western Australia and which is host to the Company's developing open-pit gold mine at Wattle Dam.
The Company believes that only now is the potential of the Wattle Dam/North Widgiemooltha region for concealed ore bodies being appreciated. The region has extensive areas of transported overburden which in the past had proved difficult to explore with earlier generations of exploration technology.
Twenty one gold priority targets have been identified to date, most of which are ready for drilling.
The Company also believes that many of the targets have the size to host big gold deposits.
In addition to the significant gold potential of this under-explored region, Ramelius has intersected massive nickel sulphides at Hilditch. A program of over 1000 metres of diamond drilling is planned, targeting the down-plunge extension of the unit which hosts the nickel sulphides previously intersected.
A drilling schedule for the Spargoville Regional Area is expected to be announced by the end of May 2006, after contracts are awarded.
Free Bonus Options
As announced on 27 April 2006, Ramelius will issue registered shareholders on the Record Date of 30 June 2006, with one free Bonus Option for every two Shares held. Shares issued under the Share Purchase Plan will participate in the Bonus Option issue.
Source:
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
Contact
Mr. Joe Houldsworth
Managing Director
Ramelius Resources Limited
TEL: +61 8 9250 6644
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