Letter to Shareholders - Company Update
Perth, Oct 4, 2012 AEST (ABN Newswire) - Further to the dispatch of the Company's Prospectus for a Renounceable Rights Issue, the Board of Northern Mining Limited (
ASX:NMI) is pleased to provide you with a brief Company update, including a current map of its East Kalgoorlie Project tenements in Western Australia.
The map (see link below) shows the strategic location of the tenements in relation to those held by surrounding producers and emerging producers in this region.
Northern Mining is committed to unlocking the full potential of this exciting Project in this gold rich region and to date, continuing exploration success has attracted several enquiries with regard to our intentions for the Project.
From the proceeds of the rights issue (fully subscribed circa AU$2.7 million) NMI has budgeted 35,000 metres of diamond, reverse circulation and rotary air blast drilling on its tenements outlined in Figure 1 (see link below). The Company believes that there is excellent potential for further exploration success within these tenements (refer to the review of operations section in the Company's 2012 Annual Report (ASX:NMI) for details of exploration carried out in 2011/2012).
After completion of the current rights issue, based upon the 2 cents issue price of the new shares and on a fully subscribed basis, NMI will be in a very strong position with a capitalisation of only AU$8 million, AU$2.5 million cash in the bank and no debt.
On behalf of the Board of NMI, please consider carefully the contents of this letter and I look forward to your continuing interest in the Company.
Alan Lockett
Executive Chairman
Northern Mining Limited
For the included map and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-NMI-606745.pdf
Contact
Northern Mining Limited
T: (08) 9244 8499
F: (08) 9244 3166
WWW: www.northernmining.com.au/
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