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Uranex Limited to increase cash balance for graphite project in Tanzania

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Uranex Limited (ASX: UNX) is heading to market with a capital raising, with the ASX granting the company a trading halt.

Uranex shares have been placed in pre-open.

The company recently said that circulation drilling at its Nachu graphite project in Tanzania continues to show visual confirmation of large intersections of graphitic mineralisation.

Drilling has now confirmed that there is graphitic mineralisation in all 7 blocks tested to date, with a further 2 blocks remaining that were identified by the Electromagnetic survey.

The next steps at the project will include diamond drilling.

The halt will remain in place until the opening of trade on Monday 26th November 2013, or earlier if an announcement is made to the market.

 

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Market: ASX
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