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Helix Resources helix.net.au/

Helix Resources (ASX: HLX) is focused on exploration for gold, platinum group metals (PGM) and base metals in Australia and Chile. The company's projects include the Tunkillia Gold Project in South Australia, the Restdown Gold Project in New South Wales and the Joshua Copper Project in Chile.

 

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Helix Resources to raise A$2.28m for iron ore projects

Helix Resources (ASX: HLX) has agreed to place 19.8 million shares at $0.115 per share to raise $2.28 million to professional, institutional and sophisticated investors.

The $2.28 million raised under the placement, after expenses of the issue, together with the company’s existing cash reserves of $3.1 million, will be applied towards the advancement of exploration, evaluation and development of the company’s mineral projects and for general working capital purposes Yalleen Iron Ore Project.

The Yalleen Project is located approximately 50 kms SE of Pannawonica in the West Pilbara region of Western Australia.

API as JV Manager is working on an evaluation which will influence the proposed detailed studies for development Canbelego JV & Restdown JV Projects in NSW.

Drilling was completed in October as scheduled and assays are expected mid November 2010.

Initial work on development scenarios for the 18,000t contained copper resource using nearby processing plants has commenced.

In Chile a recent site visit by the technical director has resulted in additional prospective ground being applied for by Helix’s 100% Chilean subsidiary, together with commencement of discussions on acquiring more advanced copper and gold projects.

Bonython Metals Group Pty Ltd are funding the advancement of the Olary Iron Ore JV, and Minotaur are funding the Gold JV Tunkillia JV project.

On October 1, Helix reported an initial inferred resource estimate from the resource model at the Canbelego Mine Prospect of 1.5Mt @ 1.2% Cu (at 0.3% Cu cut-off), or at 1Mt @ 1.5% Cu (at 0.8% Cu cut off). The project is  located 40km south-east of Cobar in central New South Wales.

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