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Market:	ASX
Sector:	General Mining
EPIC:	POZ
Latest Price:	0.05 (0.00%)
52-week High:	0.20
52-week Low:	0.05
Market Cap:	5.82M

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Phosphate Australia Full Phosphate Australia profile here

Phosphate Australia (ASX: POZ) is targeting the production and sale of 500,000 to 1 million tonnes per annum of premium grade rock phosphate with low contaminants into the Asian market.

Highland Plains, the company's leading phasphate project in the Northern Territory, has an Inferred Resource of 56 million tonnes at 16% P2O5.

Phosphate Australia raises $3.8 million to progress low-cost phosphate deposit at Highland Plains

Thursday, August 20, 2009

Phosphate Australia has closed a capital raising of $3.83 million share placement at an issue price of 27 cents per share.

Shares were placed with institutional and sophisticated investors, and the placement was oversubscribed.

Phosphate Australia’s Managing Director Andrew James said funds will be used to move the Highland Plains Phosphate Project towards development.

Funds will be applied towards ongoing resource drilling, metallurgical testwork, road and shipping studies and fast-tracking prefeasibility studies.

Highland Plains has a JORC-compliant inferred resource of 56 Mt at 16% P2O5. The Western Mine Target Zone, a sub-set of the global resource, contains a JORC-compliant inferred resource of 7 Mt at 23% P2O5.

Due to the surface phosphate mineralisation and thick phosphate intersections within the Western Target zone provides an opportunity to develop Australia’s lowest cost new phosphate mining operation located close to the Gulf of Carpentaria.

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