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  • Cleveland Mining Company Raises Funds For Brazilian Gold Exploration 0 comments
    Apr 3, 2013 8:33 PM

    Cleveland Mining Company (ASX: CDG) has raised $682,500 under its Share Purchase Plan that will fund exploration and extensional drilling surrounding the Premier Gold Mine in Brazil.

    The company had previously raised $5.5 million in a placement to institutional and sophisticated investors and had sought up to $1.5 million from existing shareholders under the SPP.

    A total of 2.73 million shares priced at A$0.25 each will be issued to shareholders who participated in the SPP.

    Subscribers to the placement and share purchase plan will also be issued one free option, exercisable at $0.65 with a 36 month term, for every two shares allocated under the capital raising.

    Subject to shareholder approval, options are intended to be listed on the ASX.

    Premier exploration

    Cleveland's most advanced project is the Premier Gold Project, where mining and processing are ongoing.

    Debt free gold production has commenced at the mine and the company has outlined multi-million ounce potential for development in surrounding project areas within the Crixás Hub.

    Initial exploration drilling at Premier will be conducted on a large gold‐in‐soil anomaly located 1 kilometre south of the mine, about 800 metres and along trend from the 5 million ounce Serra Grande Gold Mine.

    Drilling will also test an anomalous zone to the north of the Premier ore‐body, which is expected to be an overlying repetition of the Premier host geology.

    Proceeds from the raising will also be used for sampling programs and drilling at the Mara Rosa Gold Project, which is located around 100 kilometres from Premier.

    Mara Rosa has significant potential to host mineralisation similar to Amarillo Gold Corporation's (TSX-V: AGC) Posse deposit, which is located between tenements now controlled by Cleveland.

    Amarillo's Posse deposit hosts a total Proven and Probable Reserve of 17.1 million tonnes at 1.72 grams per tonne (g/t) for 945,200 contained gold ounces.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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