Proactiveinvestors Australia

Drilling of high grade gold targets is the primary objective for Red Mountain Mining’s $2.8 million partially and conditionally underwritten pro-rata, renounceable rights issue. This is expected to lead to a resource upgrade and positive Scoping Study.

Cleveland Mining’s David Mendelawitz has successfully negotiated a deal to acquire three high potential iron ore exploration projects in Brazil under a strategic alliance with BC Iron, (Market Cap: $385 million) that will de-risk the path to iron ore production.

Ongoing assessment, including an extensive soil sampling program, is being carried out to identify further targets for Paynes Find Gold’s planned Stage 3 drilling program. There will also be the first gold pour from its small scale mining operations in coming weeks.

Red Mountain Mining has delivered more high grade, near surface gold from drilling of just the second of five epithermal vein structures at the Lobo Prospect in the Philippines. These provide an opportunity to convert into high grade resources in the coming months.

With a capital cost of just $15 million and operating costs below the industry average, and payback within one year, Hill End Gold’s decision to progress the Hargraves Gold Project towards a Feasibility Study has been justified.