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Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: .SWN
News: Latest news
Web Site: Silver Swan Group
Other Articles: 29-01-201018-01-201016-12-2009

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Silver Swan Group

Silver Swan Group

Silver Swan Group Limited (ASX: SWN) is a polymetallic explorer with tenements in the Murchison District of the Yilgarn Craton, Western Australia and the Wilgena and Christie Domains of the Gawler Craton, South Australia. The Comany’s current focus is on lode-gold, copper-gold and volcanogenic massive sulphide (Cu-Zn-Pb) mineralisation in Archaean and Proterozoic terranes.

Exploration tenements held by Silver Swan in the Murchison district of Western Australia cover ~680km2 In South Australia, the tenement holding is 1,823km2 and 1,210km2 in the Wilgena and Christie Domains respectively.

 

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Wednesday, November 25, 2009

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

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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.

 

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