Resource Mining Corporation Limited (ASX:RMI) Announce Share Placement To Develop Wowo Gap Nickel And Cobalt Project
Perth, May 20, 2011 AEST (ABN Newswire) - Perth-based emerging innovative minerals explorer Resource Mining Corporation (
ASX:RMI) has raised nearly a million dollars to continue to develop its Wowo Gap nickel and cobalt project in Papua New Guinea.
On 19 May 2011, 94,996,274 fully paid ordinary shares in the Company were issued via a placement to sophisticated investors at a price of 1.0 cents per share to raise A$949,996.74.
"These funds will be used for working capital to continue the excellent work we are conducting at Wowo Gap in south east PNG," said Managing Director Warwick Davies.
The vision of Resource Mining Corporation is to realise the value of its world class resource opportunities with the support of major stakeholders.
Resource Mining Corporation has achieved a number of recent milestones this year including developing innovative drilling and sampling exploration procedures using a custom made man-portable core drilling rig capable of much faster, higher quality and more cost effective drilling using a largely unskilled local workforce.
"We've also had great success in trials using our new green tech organic leaching process and some of new funding will go towards the next stage of these trails," said Mr Davies.
The company also plans to conduct further drilling, and finalise a resource estimation to meet Canadian National Instrument (NI) 43-101 standards for technical reporting of mineral projects.
The Board is pleased that the breakthroughs in drilling technology and leaching processes for the continued development of the world class Wowo Gap nickel resource are clearly being supported as demonstrated by this investment in the Company.
For the complete Resource Mining Corporation Limited announcement including New Issue Announcement, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/542533.pdf
Contact
Warwick Davies
Managing Director
Ph: +61-8-9213-9400
M: +61-418-949-759
E: wd@resmin.com.au
Thomas Murrell
Investor Relations
M: +61-417-984-996
E: thomasm@resmin.com.au
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