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Prosperity Resources Substantial Shareholder Increases Stake To 15.2%

Prosperity Resources' (ASX: PSP) substantial shareholder Resources Global Finance Limited has acquired more than 16 million additional shares in the company through the conversion of a loan, raising its interest to 15.2%.

Resources Global Finance acquired the stake on 18 April 2012 for US$500,000 (A$483,888), or an average price of about A$0.03 per share.

Earlier this month, Prosperity raised A$2 million through a placement to a key Asian investor to support ongoing exploration at its 410 square kilometre porphyry gold-copper project in Aceh Province, Indonesia.

Prosperity issued the Asian investor 20 million shares at A$0.10 each, a 43% premium to its share price of A$0.07 at that time.

The company intersected copper-molybdenum mineralisation with the first hole it drilled on the Pelumat Prospect while rock chip samples ranging up to 109 grams per tonne (g/t) gold, 37% copper and 490g/t silver had been returned previously.

The recent drilling results are important as they are improving Prosperity's understanding of the physical attributes of the targets at Aceh.

Meanwhile, the second exploration licence, PT Mulia Kencana Makmur is located within the same geological belt as the PT Bintang Agung Mining licence, immediately to the south.

The PT Mulia Kencana Makmur licence hosts the highly prospective Mutiara gold-copper porphyry target.

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