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  • MacPhersons Resources Raises A$8M, Fully-Funded For Nimbus BFS 0 comments
    Aug 4, 2014 12:02 AM

    MacPhersons Resources' (ASX:MRP) is now fully-funded to complete the Bankable Feasibility Study on its Nimbus silver-zinc-gold project after raising $8 million in a placement.

    The placement was priced at $0.16 with 50 million shares to be issued.

    MacPhersons's shares are expected to trade higher today.

    This is a significant raise in still difficult makes, and provides a major vote of confidence in the quality of Nimbus - which is on track for production and cashflow in CY15.

    Orion Mine Finance which has $1.4 billion under management, increased its stake to 19.9% after subscribing for $6.3 million worth of shares.

    Adding further support MacPhersons' chairman Ashok Parekh subscribed for $1 million worth of shares.

    Morrie Goodz, managing director for MacPhersons, commented: "We have demonstrated both the strong potential for significant growth in the inventory at Nimbus and our strategy to be in production next year."

    Highlighting the prospectivity of Nimbus, every drillhole in the BFS drilling campaign hit extensions to the proposed underground stopes and confirmed that all lodes continue to be both open at depth and open along strike.

    New funds will allow for aggressive drilling to continue.

    Analysis

    The fact that Orion Mine Finance increased its stake to 19.9% while MacPhersons chairman subscribed for $1 million worth of shares provides a major vote of confidence in the company's assets and operations.

    MacPhersons is now fully-funded to complete the Bankable Feasibility Study on its Nimbus project, which is strategically located near infrastructure including gas, power, rail, water and a residential workforce.

    The Nimbus silver-gold-zinc mine is located just 10 kilometres east of Kalgoorlie's superpit.

    Extensive drilling campaigns are underway in preparation for a significant reserve-resource update.

    The defined high-grade ore reserve at Nimbus is: 1.1 million tonnes at 297g/t Ag Eq* recoverable grade.

    Nimbus remains on track for production and cashflow in CY15.

    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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