Business
Raises £1m to Advance Production Targets, Bolnisi
Raises £1m to Advance Production Targets, Bolnisi.
About this update from Empire Metals Limited
[{"type":"text","content":"\n \nRNS Number : 2333N Noricum Gold Limited 28 January 2016 \n\nNoricum Gold Limited / EPIC: NMG / Sector: Natural Resources\n 28 January 2016\nNoricum Gold Limited ('Noricum Gold' or 'the Company')\nRaises £1m to Advance Production Opportunities at Bolnisi Project, Georgia\n \nNoricum Gold Limited, the European focused base and precious metals exploration and development company, is pleased to announce that it has raised £1 million by way of a placing of 1,250,000,000 new ordinary shares of no par value in the capital of the Company ('the Placing Shares'), with new and existing shareholders and Directors in the Company, at a price of 0.08 pence per Placing Share ('the Placing'). \n \nThe funds raised will enable the Company to develop early stage production opportunities potentially as early as Q3 2016 from two starter pits identified at the Tsitel Sopeli and Kvemo Bolnisi project areas ('the Project Areas') located within the broader 861 sq km Bolnisi Copper-Gold Project in the Republic of Georgia. The Project Areas have been identified due to the presence of high-grade outcropping secondary quartzite gold mineralisation and the close proximity to the operating Madneuli and Sakdrisi mines and its associated heap leach operations, which are owned by the Company's local partner. Further announcements regarding the Company's production plans and targets will be made in due course.\n \nThe presence of significant gold mineralisation at both Tsitel Sopeli and Kvemo Bolnisi has been confirmed through previously announced high-grade historic trench and diamond drill results. Ahead of development, Noricum Gold will complete confirmatory resource drilling at both targets. Drilling at Kvemo Bolnisi commenced in December 2015 and is ongoing. Once completed, drilling and trenching will commence at Tsitel Sopeli. As the Company is proposing to utilise existing processing facilities, feasibility studies are not required ahead of production. In tandem with Noricum Gold's drilling activities, metallurgical and process testing is partially complete and mine planning and pit design will now commence. Notably the Project Areas have a 30 year mining licence in place. \n \nNoricum Gold CEO Greg Kuenzel said, \"We acquired Bolnisi in July 2015 in recognition ...