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Ascot Resources Raises $220,500 To Fund Feasibility Work For Titiribi Coal Project

Ascot Resources (ASX: AZQ) has raised $220,500 to fund its existing operations and ongoing feasibility work for its flagship Titiribi coal project in Columbia.

The funds were raised through a placement of 4.9 million shares priced at $0.045 each to sophisticated and professional investors in Australia and other jurisdictions.

A recent Pre-Feasibility Study has confirmed the technical and economic feasibility for starter mining operation at the 90%-owned Titiribi with a minimum 5 year Life-of-Mine (LOM) based on production rate of up to 400,000 tonnes per annum.

Other notable metrics include an initial start-up capital of just US$7.8 million, with a low average cash operating cost of US$44/t at mine gate (US$84/t FOB port).

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