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Kin Mining granted ASX trading halt ahead of capital raising announcement

The halt will remain until the start of normal trading next Tuesday or when an announcement is released.
ASX sign
The company has recently added to its gold bounty at the Leonora project

Kin Mining NL (ASX:KIN) has news of a capital raising pending and has been granted a trading halt by the ASX.

The halt will remain in place until the commencement of normal trading on Tuesday, October 9, 2018, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 9 cents at market close on Thursday.

READ: Kin Mining adds 33,900 ounces from Helens to gold bounty at Leonora

The company recently added 33,900 ounces to the indicated and inferred resource at Helens deposit within the Cardinia Mining Centre of Leonora Gold Project in Western Australia.

The updated estimate of 70,900 ounces includes a 29% increase in tonnage, 49% increase in grade and 92% increase in ounces.

This supports a larger open pit development at Helens, which is 2-kilometres from the Cardinia processing plant site.

The update was made after all assay results were received from a phase I reverse circulation and diamond drilling program completed in late July.

READ: Kin Mining negotiates flexibility for credit facility with Sprott

Drilling focused on testing mineralised lodes to a depth of 150 metres below the surface and advancing the geological and structural understanding of the area.

Infill drilling of near-surface mineralisation to a minimum drill density of 40 metres by 40 metres was also completed.

Kin is planning preliminary optimisation and pit design works to identify areas where additional drilling is warranted to reduce risk and improve the resource estimate quality in the Helens area.

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