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Pioneer Resources Extends Capital Raising

Pioneer Resources (ASX: PIO) shareholders have until the end of this week to participate in its Share Purchase Plan to raise up to $750,000 to fund its Western Australia drilling and exploration programs.

The company had on 28 November extended the SPP offering shareholders up to $15,000 worth of shares priced at $0.014 each, to Friday 9 December 2013.

This was to enable extra time for eligible shareholders to consider the initial Resource of 222,710 tonnes grading 2.92% nickel for the closed Blair Nickel Mine.

The SPP will supplement the deferred payments the company receives from KalNorth Gold Mines (ASX: KGM) from the sale of the Western Mt Jewell Gold Project in 2011.

Pioneer is planning to drill out the Kalpini South Prospect at Acra near Kalgoorlie after intersecting more high grade gold including 11 metres grading 3.77g/t gold and 3 metres grading 5.44g/t gold.

It will also drill at Carmina South to define the orientation of mineralisation, complete the first drill holes at Mountain Maid and test for mineralisation continuity at Jubilee East.

At the Fairwater Project in the Fraser Range, the company has identified a priority nickel-copper drill target and four other nickel prospects.

It will carry out a soil geochemistry sampling program comprising 2,500 samples through December 2013 and January 2014.

This will be followed by soil sampling of the FWN002 to FWN003 nickel targets, surface electromagnetic surveys of subsequent nickel-copper anomalies and stratigraphic drilling of ground electromagnetic conductors, including T3 and others, in 2014.

"Over the past 18 months, the company completed the rebuilding of its exploration portfolio following the $8 million sale of the Mt Jewell Gold Project and exciting results have been delivered from each of the Acra Gold Project, the Blair Nickel Mine and the Fairwater Nickel and Gold Project," managing director David Cook said.

"We believe the company is very well placed to achieve further exploration success in 2014 … all of the board members intend to participate in this capital raising.

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