Mining Group (ASX: MNE) is heading to market with a capital raising and has been granted an ASX trading halt with its shares placed in pre-open.
The company has earlier this month entered into an option agreement to acquire up to 90% of the El Roble copper project in Chile that offers near term production and cash flow.
El Roble is located 25 kilometres east of the Chilean port city of Caldera within the world class Atacama IOCG province and is close to Coro Mining Corporation’s 94 million tonne at 0.5% copper Cerro Negro copper mine.
Due diligence rock chip sampling had returned up to 28.83% copper and the mineralisation has been mapped over a 6 kilometre strike.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 23 August 2013.
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