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Celsius Resources to lift cash balance as five rigs spin for cobalt in Namibia

The halt will remain in place until Thursday 26th October 2017.
Celsius Resources to lift cash balance as five rigs spin for cobalt in Namibia
The company's shares are in pre-open

Celsius Resources Ltd (ASX:CLA) has a 15,000 metre cobalt resource drilling program underway at its 95%-owned Opuwo Cobalt Project in Namibia.

Five rigs are spinning with the program expected to wrap up in mid-December.

Preliminary results from the metallurgical and mineralogical studies currently being undertaken have been encouraging, confirming simple sulphide mineralogy.

Celsius is now heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Thursday 26th October 2017, or earlier if an announcement is made to the market.

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Celsius Resources Ltd Timeline

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