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Southern Hemisphere Mining Substantial Shareholder Raises Stake To 12.74%

Southern Hemisphere Mining (ASX: SUH) substantial shareholder Yang Xifu has increased his interest in the company to 12.74%.

Xifu acquired a further 5 million Chess Depositary Interests (CDIs) on 1 October 2012, taking the total number of CDIs held to 19.5 million.

Southern Hemisphere recently secured a pivotal farm-in agreement with global base metals group Lundin Mining Corporation (TSX: LUN) for the flagship Llahuin Copper-Gold Project in Chile.

The two companies have executed a terms sheet that will see Lundin Mining spend up to US$35 million (A$34 million) on exploration at Llahuin to earn a direct stake of up to 75% over a six-year period.

Lundin Mining will also take a strategic 11.5% stake in Southern Hemisphere by way of a US$5 million share placement at C$0.25 (A$0.25) per share on the TSX-V, representing a significant premium to Southern Hemisphere's current share price.

Last month Southern Hemisphere announced a 36% increase in resources at the Llahuin Project.

The Measured and Indicated inventory is now sitting at 144.9 million tonnes at 0.4% copper equivalent for 435,650 tonnes of copper and 459,180 ounces of gold.

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