Sign up Australia
Proactive Investors - Run By Investors For Investors

Kin Mining outlines $10.4 million rights issue for Leonora Gold Project

The proposed opening date for the rights issue is 22 October 2018.
glasses on piece of paper with words raising capital in large letters
The Leonora Gold Project hosts over 1 million ounces of gold

Kin Mining NL (ASX:KIN) intends to open a 2:5 rights issue priced at 8 cents to raise up to $10.4 million to progress the Leonora Gold Project (LGP) in Western Australia.

Funding will also be used for accelerated exploration of new targets with the potential to deliver further significant resource growth at the LGP, and repayment of the outstanding US$3 million Sprott Facility.

These activities represent a pathway over the next 9 to 12 months to a fuller understanding of the overall gold endowment potential and optimised development scope of the LGP.

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

Kin’s managing director Andrew Munckton said: “Since the suspension of project development activities earlier this year, Kin has set about restoring the credibility of the LGP in a methodical and progressive fashion.

“This raising, and the planned use of the expected funds, represents the next step in this process.

“A range of technical work streams are in progress to optimise the scope and refine the elements of the LGP.

“Alongside this work, Kin continues to target both significant further resource growth and a greater understanding of the gold endowment potential that the LGP offers.

Moving towards a revised feasibility study

“These activities are collectively targeted to ensure that the LGP is rapidly moved towards a revised feasibility study in late 2019 that can define a robust and highly attractive project development case.”

Resource updates could be further catalysts

Kin’s recent drill program on, and review of, the Helens' deposit resulted in a 92% increase in Helen’s JORC resource.

The company plans to continue with the drilling programs that are delivering these JORC resource estimate upgrades.

Work is underway to update the Lewis deposit with plans to recommence drilling in the current quarter at the Helens, Lewis, Bruno and Mertondale deposits.

View full KIN profile View Profile

Kin Mining NL Timeline

Related Articles

Graphite drill core samples at Caula Vanadium-Graphite Project
September 17 2018
One of the highest-grade graphite deposits in the world with grades up to 28% total graphitic carbon.
July 23 2018
Savannah Resources has a broad portfolio of assets, including some highly attractive lithium
September 27 2018
Vanadium has outperformed the market significantly over the past three years, and Anglo Pacific is benefittng

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use