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Silver Mines grows cash position by A$1.2M for Webbs drilling

Silver Mines grows cash position by A$1.2M for Webbs drilling

Silver Mines (ASX: SVL) has raised A$1.2 million in a recent share placement as it heads towards the start of further drilling at its Webbs Silver Project in New England, northern New South Wales.

The placement comprised the issue of 27.3 million shares at $0.047 per share to sophisticated and institutional investors.

Silver Mines also issued around 13.7 million options, exercisable at $0.10 before 13 November 2013.

The funds raised will be allocated to exploration drilling at the Webbs Project, which is expected to begin next Monday 18 February.

The program will comprise a combination of reverse circulation and diamond drilling to target the depth extensions at the high grade silver deposit, which remains completely open at depth.

The flagship Webbs Project is the highest grade undeveloped silver project in Australia with a Resource of 11.75 million ounces at 245 grams per tonne (g/t) silver.

Around 8.4 million ounces of that Resource is already in the higher confidence Measured and Indicated categories.

This Resource is open at depth in several locations, and there is near surface potential and strike extensions yet to be closed off.

Silver Mines has also outlined an additional exploration target of 14 to 45 million ounces of silver.

There is high potential to grow the high grade resources to support open pit and underground operations.

Positive metallurgical results have indicated over 90% silver recovery to doré bars utilising the Albion Process.

Silver Mines is targeting a Resource update in early 2013, along with open pit scoping and conceptual underground studies planned.

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