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Red Mountain Mining To Raise Funds

Red Mountain Mining (ASX: RMX) is poised to launch a capital raising and has placed its shares into an ASX trading halt.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday, 13 May 2013.

Red Mountain had earlier this month reported the discovery of more high grade, near surface gold from recent drilling at its Lobo Prospect in the Philippines.

Notable drill results from the first diamond hole comprised 5 metres at 4.28 grams per tonne (g/t) gold and 15.75g/t silver from 22.4 metres, including 1.3 metres at 9.49g/t gold and 21.5g/t silver.

The second hole in the two hole program intersected 1.7 metres at 4.4g/t gold from 58.1 metres, with silver results pending.

Red Mountain had a cash position of A$1.5 million at the end of the March 2013 quarter.

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