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Additional Information
Market:ASX
Sector:General Mining
EPIC:AUK
Latest Price: 0.04  (0.00%)
52-week High:0.47
52-week Low:0.04
Market Cap:7.26M
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Augur Resources Full Augur Resources profile here

Augur Resources (ASX: AUK) has a focus on gold and copper within Indonesia and nickel projects within Eastern Australia. Augur’s key projects are the Wonogiri gold-copper project in central Java, Indonesia and the Jampang gold-copper project in western Java, Indonesia.

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Augur Resources to raise up to A$6m for copper gold exploration in Indonesia

Tuesday, May 31, 2011
Augur Resources to raise up to A$6m for copper gold exploration in Indonesia

Augur Resources (ASX: AUK) will raise up to A$6.0 million through a placement of 30 million shares at $0.20 per share to fund further gold and copper exploration at the Jampang and Wonogiri projects in Indonesia.

Funds will also be used to continue to search for additional advanced projects in Indonesia and for working capital purposes.

The placement will be to international and domestic clients of joint lead managers Hartleys Limited and Patersons Securities Limited. It will be completed in two tranches with up to 20.3 million shares being issued in tranche one.

The balance of up to 9.7 million shares will be issued in tranche two, subject to shareholder approval at a shareholder meeting scheduled for Thursday, 30 June 2011.

Augur has a conditional option agreement with owners PT Oxindo Exploration and PT Alexis Perdana Mineral, to acquire an 80% interest in the Wonogiri project located in Java.

In addition, Augur has a conditional option agreement to acquire a 90% interest in the Jampang project, also located in Java, which is owned by PT Golden Pricindo Indah.

On May 25 Augur intersected significant gold and copper from drilling in hole WDD005 at Randu Kuning prospect in Central Java, with a zone of 105.5 metres of 0.95 g/t gold and 0.24% copper from just 14.0 metres depth.

This followed a previous intersection of 53.6 metres at 1.40 g/t gold and 0.30% copper from hole WDD001 at just 8.2 metres in the initial Wonogiri diamond hole at Randu Kuning.

The Randu Kuning prospect would be encouraging for Augur as the mineralised porphyry zone is still open to the west, north and south.

With an initial JORC compliant resource covering the shallower portion of the porphyry deposit due by the last quarter of the 2011 calendar year, Augur Resources could be on the verge of a significant discovery of high tonnage and lower grade which is consistent with other major discoveries in Java.




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