REX Minerals has announced that it will employ additional drilling capacity at its News South Wales and South Australia operations following successful capital raining.
The company says that decision follows the successful placement of 8.0 million shares to the value of $5.6 million, to institutional and sophisticated investors.
Rex Minerals says the funds will help advance its Mt Carrington gold-silver-copper project in NSW and the Hillside copper-gold-uranium project in SA more rapidly.
The firm will increase the ongoing exploration effort in South Australia, with employment of a full time drilling rig to evaluate Hillside, Parara and the greater Pine Point Fault Zone through 2009 - 2010.
Funds will also be directed towards progressing the near term development opportunities at the Mt Carrington gold-silver project. Drilling capacity will be increased to evaluate the recent copper discovery and advance the existing Inferred Resource of 190,000ozs of gold and 10.5Mozs of silver towards the development of a conceptual mine plan for the project in the first half of 2010.
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