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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	BRW
Latest Price:	0.05 (2.22% )
52-week High:	0.09
52-week Low:	0.04
Market Cap:	16.81M

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Breakaway Resources Full Breakaway Resources profile here

Breakaway Resources' (ASX: BRW) ongoing exploration activities are focused on its priority Eloise Exploration Project (copper-gold and silver-lead-zinc) located within the Cloncurry District of North-West Queensland, and the Wildara and Miranda Projects (nickel) located within the Leinster District of Western Australia’s North-Eastern Goldfields.

Breakaway Resources: placement boosts cash reserves to $3.3m, FMR Investments involved

Wednesday, November 09, 2011 by John Phillips

Breakaway Resources (ASX: BRW) has received a major vote of confidence in the company's operations from the investment community, after completing a $1.1 million placement - which comprised 22.7 million shares at $0.049.

Breakaway now has a very healthy cash position of $3.3 million to pursue ongoing exploration activities at the highly prospective Eloise Exploration Project in North Queensland

The company's second largest shareholder, FMR Investments Pty Ltd which operates the nearby Eloise copper mine participated in the placement, along with other major shareholders.

David Hutton, managing director, commented, “Shareholders can look forward to an exciting period of positive drill results and news flow, commencing with further results from the current follow up drilling underway at the rapidly emerging Sandy Creek prospect.”

Drilling set to ramp-up

The capital injection will provide a boost to Breakaway's exploration programs, with the company set to focus on follow-up reverse circulation and diamond drilling at the new Sandy Creek copper – gold system.

Just last month at the new system Breakaway intercepted 3 metres at 3.68% copper and 0.57 grams per tonne (g/t) gold, which has been confirmed over a strike length of 600 metres, and extending to a vertical depth of 120 metres.

Highlighting the potential of the strike, it remains open in all directions.

Funds will also be allocated to the development of priority drill targets for the 2012 field season, including the Surprise Ridge target where recent drilling by Breakaway delivered 1 metre at 31.7g/t gold and 7.10g/t silver, and 11.0 metres at 3.42% zinc, 0.97% lead and 13.90g/t silver.

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