Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	SWN
Latest Price:	0.06 (0.00%)
52-week High:	0.21
52-week Low:	0.05
Market Cap:	8.03M

1 year chart

1 day chart

Silver Swan Group Full Silver Swan Group profile here

Silver Swan Group (ASX: SWN) is a polymetallic explorer with tenements in the Murchison District of the Yilgarn Craton, Western Australia. The company's current focus is on lode-gold, syn-tectonic copper-gold and volcanogenic massive sulphide (Cu-Zn-Ag-Au) mineralisation in Archaean terranes. Exploration tenements held by Silver Swan in the Murchison District cover 680 square kilometres.

Share price up as Silver Swan Group raises $5.1 million to further exploration in Meekatharra region

Wednesday, November 25, 2009

Shares in Silver Swan Group (ASX: SWN) shot up 5% after the company announced it has raised $5.1 million to further expedite exploration across several base metal projects in the Meekatharra region of Western Australia.

In a statement, Silver Swan managing director Susan Vearncombe said the company received firm commitments in relation to a placement of 10,200,000 shares at a price of $0.50 to raise $5.1 million before costs.

The news saw shares in Silver Swan increase 2.5c, or 5%, to 53c.

The placement to institutional and sophisticated investors has been made pursuant to the company’s ASX Listing Rules 15% placement capacity.

Proceeds of the placement will be directed to ongoing exploration activities over several high priority projects for polymetallic targets of gold (Bourkes Find), copper‐gold (Copper Hills) and volcanogenic massive sulphides (Austin) in the Meekatharra area, Western Australia and working capital.

Copper‐zinc‐silver‐gold intersections from the recently completed drilling program at Austin, in the Quinns project area have extended the VMS deposit to below 300m and confirmed the potential for the discovery to continue to be expanded. The drilling shows the ore body remains open at depth and retains similar, multi‐metal characteristics to earlier drilling.

Dr Vearncombe said the company was extremely pleased with the strong support received from new and existing shareholders in the recent capital raising, indicating confidence in its exploration strategies and results.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.