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Xanadu Mines to lift cash position following porphyry discovery

Xanadu shares are in pre-open pending details of the raising.
Xanadu Mines to lift cash position following porphyry discovery
The company remains focused on Mongolia

Xanadu Mines Ltd (ASX:XAM) recently made a porphyry discovery at its flagship Kharmagtai copper and gold project located in the South Gobi region of Mongolia.

READ: Xanadu Mines assays 750 metres of copper-gold in new holes from Zaraa discovery

To continue to advance the next steps, Xanadu is heading to market with a capital raising, and the ASX has granted a trading halt to prepare.

The halt will remain in place until Friday 15 June 2018, or earlier if an announcement is made to the market.

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Xanadu Mines Ltd Timeline

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The company is also progressing its iron oxide copper-gold (IOCG) and copper porphyry projects with JV partner First Quantum Minerals Limited (TSE:FM).

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