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Bondi Mining to raise A$3m to develop Mt Owen and Namibian copper projects

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Bondi Mining (ASX: BOM) will raise A$3 million through a placement of 30 million shares at $0.10 per share to accelerate exploration and development of its Mt Owen and Namibian projects.

The placement was substantially oversubscribed and will be undertaken in two tranches. Tranche one will comprise 11,500,000 ordinary fully paid shares, and raise $1,150,000.
 
Tranche two will be the balance of the shares to be issued and will comprise the 18,500,000 ordinary fully paid shares raising $1,850,000 and is subject to shareholder approval.

Settlement of tranche two placement shares will take place shortly after the general meeting granting shareholder approval to be held in mid to late April 2011.

Blackswan Equities Limited and Taylor Collison Limited acted as joint lead managers to the placement.

Dr Rick Valenta, managing director, said "we are now in an excellent position to advance these projects and redouble our efforts to source and acquire an advanced, transformative project for the company."

On February 9 Bondi signed an agreement to acquire 100 percent ownership of the highly prospective Mt. Owen Project in western Tasmania.

The Mt. Owen Project is located  1.5 kilometres to the south-east of the Mt. Lyell mineral field, which contains one of the largest copper-gold resources in Australia.

On March 3 Bondi applied for 10 tenements covering 8,000 square kilometres in north-eastern Namibia which are expected to be granted in the second quarter of calendar 2011. The new and previously virtually unexplored targets are in one of the world’s great copper belts.

Bondi has planned an aggressive program of airborne electromagnetic surveying, geochemical sampling of target zones, and drilling of the resulting targets.

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