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Phoenix Gold Adds Resource Capital Fund As New Substantial Shareholder

Phoenix Gold (ASX: PXG) has added Resource Capital Fund V LP as a substantial shareholder with 10.9 million shares, or a 6.99% interest.

RCF became a substantial shareholder after acquiring 4,375,000 shares for A$1,312,500 on 5 November 2012. This works out to an average price of A$0.30 per share.

Phoenix plans to accelerate its drilling program targeting 4 million ounces of gold at its projects over the next 12 to 15 months.

This includes tripling the drilling activity at its Castle Hill and Broads Dam while fast tracking the Definitive Feasibility Study.

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