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Red Mountain Mining In Final Stages Of Capital Raising

Red Mountain Mining (ASX: RMX) has placed its shares into voluntary suspension while it finalises documentation in relation to its proposed capital raising activities.

This is expected to last to no later than the start of trading on Thursday, 16 January 2014.

Shares in the company rose 450% last week to $0.022 after it made a number of bonanza gold hits from trenching at the Lobo Prospect of its Batangas Gold Project in the Philippines.

Notable results include 1.8 metres at 55.9g/t gold at surface, including 0.9 metres at 110.9g/t gold, and 2.6 metres at 28.6g/t gold.

This has raised the likelihood of finding a series of high grade gold shoots occurring at least 500 metres along the South West Breccia structure that then passes under shallow limestone which possibly obscures more high-grade zones.

It also indicates that the exceptionally high grades in bedrock are also dispersed into the overlying colluvium rubble from surface.

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