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Millennium Minerals locks in $21M as gold growth plans unfold

Millennium Minerals locks in $21M as gold growth plans unfold

Millennium Minerals (ASX:MOY) in on track to complete a A$21 million share offer with $17.7 million already received via valid acceptances by existing investors for about 442 million shares.

The balance of the fundraiser – priced at A$0.04 – will be taken up by sub-underwriting commitments from Millennium’s contractors, directors management and major shareholder, the IMC Group.

The funds raised will be used to retire debt and unlock the value of Millennium’s flagship Nullagine gold project in Western Australia through a major exploration effort.

This program has been designed to extend mine life through the growth of resources and reserves, which stand at 1.2 million ounces of gold and 187,800 ounces of gold, respectively.

Drilling last week at Nullagine demonstrated potential to expand this inventory with assays of up to 20 g/t gold received from the first of three near-mine targets being drilled as part of a $10 million exploration plan.

Nullagine marked a record gold production rate during the three months to September at 27,238 ounces of gold.

This represented a 26% improvement on output during the prior quarter.

Expansion potential for the operation is supported by the presence of extensive infrastructure at the site, including a 140-man camp, open pit mines and a near-new 1.5-million-tonnes-per-annum process plant.

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