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Market:	ASX / AIM
Sector:	General Mining
EPIC:	RML

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Rusina Mining

Rusina Mining (ASX: RML) is an active mining exploration company that is focused on the emerging Philippine mining sector. The Company has defined a JORC compliant resource estimate for nickel laterites at its Acoje tenement on the island of Luzon.

The Acoje property also hosts chromite, nickel sulphides and platinum group metals.

Rusina Mining receives strong investment from UK institutions, raises A$5.75m

Friday, September 18, 2009 by Proactive Investors

UK institutional investors have backed emerging nickel producer Rusina Mining's (ASX: RML, AIM: RMLA) plans to develop a nickel-chromite mine in the Philippines, by agreeing to buy A$5.75 million worth of shares in the company.

A total of 57.8 million ordinary shares in the Perth-based emerging nickel developer, will be issued to UK clients of Mirabaud Securities LLP, at an issue price of 10 cents (or 5.25 pence) per share.

Last sale price was A11.5 cents.

Rusina is developing the 24,500 tonnes per annum of contained nickel Acoje nickel laterite heap leach project on Luzon Island in the Philippines.

Acoje has a current resource of 50.1 million tonnes grading 1.09% nickel at a cut-off grade of 0.08% Ni.

Robert Gregory managing director of Rusina said "northern hemisphere equities markets understand specialist commodities like nickel very well."

"Gregory said, "As we have not made a placement for more than two years, this current day support from the UK is a great vote of confidence in Acoje and our strategy to achieve there an eventual transition to full-scale mining".

The placement was struck during the highest share prices registered for Rusina in 2009.

Proceeds from the UK capital raising will be used primarily for working capital. And, any contingencies arising from European Nickel’s current 40% farm-in to the Acoje project.

European Nickel has earned to date, a 20% interest in the project under a broader farm-in commitment to earn a 40% project interest by fully funding the current US$10 million definitive feasibility study (DFS), including a trial nickel heap leach operation, at Acoje.

The DFS is due for completion in the second half of next year.

All importantly, an earlier pre-feasibility study indicated a mining operation was viable at Acoje, using a nickel price of US$6.00/lb – compared to current spot nickel prices in excess of US$7.50/lb.

This was based on a minimum 10-year mine life, but is likely to be longer.

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