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Oro Verde Granted Voluntary Suspension To Prepare Capital Raising Announcement

Oro Verde (ASX: OVL) has been granted a voluntary suspension by the ASX pending the release of a proposed capital raising, which the company expects to announce on or around Tuesday 6 March 2012.

Oro Verde has not yet indicated where the potential capital injection will be allocated, but it is worth noting that the company is currently drilling at the Chuminga Copper Gold Project in Chile.

The Chuminga Project, in which Oro Verde holds a 20% interest, has an exploration target of 50 to 60 million tonnes of between 1% and 1.1% copper, 0.3 to 0.4 grams per tonne gold and 0.5 to 1% zinc, suitable for bulk mining.