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Kalgoorlie substantial shareholder ups interest through share placement

Kalgoorlie Mining Company (ASX: KMC) substantial shareholder Peter Bowman Nominees has acquired 8.6 million shares in a recent share placement, increasing its interest in the company to 7.83%

Peter Bowman Nominees paid A$684,778 in consideration for the shares, providing an average entry price of $0.08 per share.

Kalgoorlie Mining Company has achieved a number of milestones of late including being granted approval for a crushing circuit at the Bullant Gold Project, enabling it to crush its own ore and cease crushing by third parties.

The company also recently upgraded the Measured and Indicated Resources at the East Lode zone of the Bullant Gold Mine.

The Measured Resource within the East Lode has been upgraded by 15.51% to 48,400 tonnes from the previous resource statement, while the Indicated Resource increased 5.2% to 109,100 tonnes.

These upgrades provide greater certainty on the resource inventory at the Bullant Mine, where Kalgoorlie Mining has intercepted high grades of gold, including one impressive result of 4.6 metres at 26.19 grams per tonne (g/t) gold from 12.17 metres in the latter half of 2011.