Rum Jungle Resources Limited (ASX:RUM) Raised A$9.63 Million To Fund Exploration Program
Perth, Mar 25, 2011 AEST (ABN Newswire) - Rum Jungle Resources Limited (
ASX:RUM) is pleased to announce that it has received verbal commitments from sophisticated and institutional clients of Blackswan Equities and Southern Cross Equities in a placement to raise A$9.63 million (before costs) from the issue of 21.4 million ordinary shares at A$0.45 per share.
The placement will settle in one tranche under the Company's 15% capacity under ASX Listing Rule 7.1. Settlement will occur on Friday 1 April 2011.
Funds raised in the placement will focus on accelerating the Company's exploration program on its fertilizer projects in the Northern Territory.
The capital raising was jointly managed by Southern Cross Equities, Sydney and Blackswan Equities, Perth.
EXPLORATION DRILLING
Resource drilling on the Barrow Creek 1 grid recommenced Thursday 24th March 2011, following suspension due to inclement weather, as advised.
Exploration drilling along the 24 kilometre cleared base line west of Barrow Creek 1, is scheduled to start next week. The first exploration hole drilled on this line, situated at 508000E and 7625000S, which was completed the day the rig was shut down due to inclement weather (as previously advised to ASX), has produced strong results. This hole is approximately 4 kilometres west of the Barrow Creek resource grid and has encountered phosphate mineralization at shallow depth from 13 to 17 metres.
The geological rock units observed in the drill cuttings are identical to the Barrow Creek 1 Deposit, with the phosphate layer being sandwiched between two distinctive chert bands. Conventional assays will be carried out to confirm apparent high grade mineralization assessed by hand held field XRF readings. The significance of this exploration hole is that shallow phosphate mineralization continues to the West and strengthens the possibility of finding additional shallow resources outside of the area of Barrow Creek 1.
The exploration rig to be focused on drilling along the 24 kilometre base line, in search of other phosphate deposits, is scheduled to arrive from Interstate over the weekend.
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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