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North River raises £1m to fast-track Namib mine opening

26th April 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – London-listed North River Resources on Friday said it had raised £1-million to accelerate the reopening of the Namib lead/zinc/silver mine.

The group, which had placed 285.7-million shares at 0.35p apiece, would use the funds for a structural geology review, underground and surface drilling and general working capital at its flagship Namibia-based project.

Rapid progress had been made over the past 18 months to reopen the Namib mine, which produced lead, zinc and silver from 1969 to 1991.

The company had developed a three-stage plan of appraisal drilling, resource drilling and production development, following the appointment of new project manager Dominic Claridge and the discovery of new data.

The comprehensive geological review currently being undertaken by geological consultants CSA Global, would encompass the examination of the orebodies underneath the historic mine and the northern orebodies adjacent to the mine, as well as the design of a proof-of-concept drill programme to verify the direction, grade and depth of orebodies.

Claridge and directors Martin French and Brett Richards had subscribed for 2.8-million, 64.9-million and 28.5-million shares respectively in the placing.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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