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Additional Information

Market:	ASX
Sector:	Gold Mining
EPIC:	SIH
Latest Price:	0.11 (4.76% )
52-week High:	0.24
52-week Low:	0.10
Market Cap:	77.41M

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Sihayo Gold

Sihayo Gold (ASX: SIH) is a mineral exploration company with gold exploration projects in Indonesia.

Sihayo Gold raises $2.8 million to advance Sumatra gold project

Wednesday, February 10, 2010

Perth-based mineral exploration company Sihayo Gold (ASX: SIH) has raised an additional AUD$2.8m to accelerate infill and resource exploration drilling at the Sihayo Gold Project in Northern Sumatra.

The funds were raised via the placement of 40 million ordinary shares at a price of A$0.07 each to Asian based institutional investor Yaw Chee Siew.

Mr Yaw is a successful Malaysian businessman and investor and is seeking to further his investments in the natural resource sector.

The placement price of A$0.07c represents a significant premium of 27% to the last sale price of Sihayo shares A$0.055c.

The $2.8m capital raising is in addition to the previously approved plan, which includes another two outstanding tranches of options held by Summit Investments.

The Company has previously announced a strategy for the completion of a Definitive Feasibility Study based upon the 13.2 MT grading 2.4g/t Au JORC compliant Inferred resource by the end of 2010.

Chief Executive Tony Martin said the additional funds raised would enable Sihayo to significantly expand the exploration drilling program in addition to the existing infill program associated with the DFS.

"The clear objective of the additional drilling program is to accelerate the pace of efforts to increase the current 1.01 Moz resource base," Mr Martin said.

"The Company looks forward to updating investors on the results of our infill drilling and additional exploration programs in the coming months."

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