Blackham Resources Limited (ASX:BLK) Funding announcement

RELATED QUOTES

SymbolPriceChange
BLK.AX0.230.0000

Perth, Australia, Dec 13, 2012 - (ABN Newswire) - Blackham Resources Limited (ASX:BLK.AX - News) has secured further funding for its 100%-owned Matilda Gold Project which currently yields 1.4 million ounces of gold resources in a major Western Australia goldfield. Blackham has agreed to issue 2,500,000 ordinary shares ("the Placement") at AU$0.16 per share to mainly to existing shareholders of the Company. The Investors are all professional and sophisticated investors and a separate disclosure document is not required.

Approval for the Placement falls under its 15% capacity.

The funding is in addition to the AU$6,075,000 in undrawn funds under its funding agreement with The Lind Partners, LLC, manager of the Australian Special Opportunity Fund (together, "Lind"), a New York-based institutional investor. For further details on the Lind Funding Agreement please refer to the announcement from 26 April 2012.

The Matilda Gold Project has progressed rapidly over the last year since acquisition:

- increased gold resource from 310,000oz to 1.4Moz
- confirmed metallurgy as free milling over 83% of the resource
- intercept broad mineralisation down plunge at M1
- intercept high grade mineralisation down plunge at M4
- completed an initial scoping study at the Matilda Mine confirming robust economics - $0.85/share NPV and IRR 300%

Blackham's Managing Director, Bryan Dixon, stated, "Blackham has received significant interest in its Matilda Gold Project. The Placement and Lind Funding Agreement will allow Blackham to advance exploration efforts with the aim of unlocking significant value at its Matilda Gold Project. These arrangements ensure that our ongoing efforts are funded in the medium term."

About Blackham Resources Limited:

Blackham (ASX:BLK.AX - News), a Western Australian resources company, is focused on exploration at the Matilda and Williamson Gold Mines. It is also evaluating the development of the Scaddan and Zanthus Coal Projects.

Blackham recently acquired 100% acquisition the Matilda Gold Project which includes the old Matilda and Williamson Gold Mines in the Wiluna gold belt of Western Australia. The Matilda Gold Project contains 12.8Mt @ 1.9g/t for 790,000oz gold. The tenure package covers 40km of strike along the Wiluna Mine sequence which has produced over 4Moz of gold. In addition, the strike of the prospective Coles Shear which hosts the Matilda Deposits has been extended to 10 km. Blackham will have the largest landholding (>600km2) in the Mining Centre and one of Western Australia's major Archaean greenstone belts. Blackham is targeting the resources mostly to be converted to reserves in the near term.

Blackham is evaluating the development of the Scaddan and Zanthus Coal Projects for coal export and the building of a coal to liquid (CTL) facility. The Scaddan and Zanthus Coal Projects, located near Esperance, Western Australia, contain coal deposits totalling 1.4 billion tonnes with over 10,600 PJ of energy at shallow depth and very low mining costs. The Scaddan Coal Project is surrounded by complimentary infrastructure approximately 60 kilometres north of the town and major port of Esperance and 10 kilometres east of the Esperance to Kalgoorlie highway, gas pipeline and railway line.


Contact:

 
Blackham Resources Limited
T: +61-8-9322-6418
F: +61-8-9322-6398
WWW: www.blackhamresources.com.au
 

Source:

Blackham Resources Limited

Copyright (C) 2012 ABN Newswire. All rights reserved.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.9272-0.0015-0.16%
    AUDUSD=X
    0.5521-0.0014-0.25%
    AUDGBP=X
    0.6708-0.0013-0.19%
    AUDEUR=X
  • Commodities
    Commodities
    NamePriceChange% Chg