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Brazilian Metals Group to increase cash reserves

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Brazilian Metals Group (ASX: BMG) is preparing to release details of a capital raising program, with the ASX granting the company a trading halt this morning.

The company recently agreed to acquired 100% of Treasure Project, which is a portfolio of copper-gold assets in Cyprus.

Treasure has VHMS deposits with identified copper-gold mineralisation and a series of strong exploration targets.

There are also walk up drill target on Black Pine prospect with high grade copper and gold reported in drilling, adits and surface mapping/ sampling on a mineralised zone of around 1 kilometre long by 150 metres wide.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 13th February 2013.

 

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Quick facts: BMG Resources Ltd

Price: 0.007 AUD

ASX:BMG
Market: ASX
Market Cap: $4.7 m
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