JOHANNESBURG (miningweekly.com) – Australia-listed junior Golden Rim has raised $491 000 in a placement to raise funds to ensure the continued progress at its Balogo project, in Burkina Faso, while it investigated longer-term funding options.
The company is currently undertaking environmental and metallurgical studies that form part of its feasibility study at Balogo. Golden Rim stated that it was in discussions with several parties interested in funding the entire feasibility study at Balogo.
Golden Rim has previously advised that it had signed an indicative term sheet with RMB Resources for RMB Australia Holdings to provide up to A$4-million for the feasibility study.
“In the past few weeks, several of the other interested parties have conducted site visits to inspect Golden Rim’s projects in Burkina Faso, as part of their due diligence process. It is the company’s intention to assess the various alternatives over the next few weeks and to determine the best funding option for Balogo,” Golden Rim stated.
In February 2013, Golden Rim announced a maiden inferred resource of 850 000 t at 6.8 g/t gold for 185 000 oz of contained gold at a 0.5 g/t gold lower cut-off for the Netiana Lodes at Balogo.