CCR raises cash and ups reserves at Wonawinta
PERTH (miningweekly.com) – Silver miner Cobar Consolidated Resources (CCR) on Friday announced its intention to raise some A$8-million through share purchase plans and announced a 13% increase in its mineral resource estimates.
CCR noted that eligible shareholders would be offered up to A$15 000 worth of new shares, each at a discount of 20% to the average price over a five-day period, up to the closing date of the offer. The funds would provide the company with working capital to ensure that it was on an even footing as it improved production and costs, while reducing its exposure to debt.
Meanwhile, CCR also reported that its mineral resource at its Wonawinta mine, in New South Wales, had increased to 41.5-million tonnes, grading 45 g/t silver for nearly 60-million ounces of silver. This was the first resource update since mining started in April 2012.
Ore reserves were currently estimated at some 9.2-million ounces, and CCR said that these reserves would support a mine life of around four years at the current production rate.
In addition, a stockpile of low-grade ore would accumulate over the life of the mine, and some one-million ounces was expected to be contained in these stocks, which would be processed after the ore reserve had been exhausted.
Commercial production was declared at Wonawinta during December, and the project was forecast to produce an average of 200 000 oz/m by March.
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