Pacifico raises A$4m for Sorby Hills buy
PERTH (miningweekly.com) – ASX-listed Pacifico Minerals is hoping to raise A$4-million through a share placement to finalise the acquisition of a majority interest in the Sorby Hills base metals project, in Western Australia.
The company will issue some 666-million shares, at a price of 0.6c a share over two tranches to sophisticated and professional investors, with the first tranche consisting of 410-million shares to be issued under Pacifico’s existing placement capacity.
The second tranche will consist of more than 256.6-million shares and will be subject to shareholder approval.
“The response to the capital raising from both new professional investors and our major shareholders has been extremely encouraging and I believe this is testament to the quality and potential of the Sorby Hills project,” said Pacifico MD Simon Noon.
“This funding will enable us to complete the acquisition of the 75% interest in the Sorby Hills joint venture and advance project development activities following the recent completion of a prefeasibility study update, which confirmed the potential to establish a commercially robust mining operation.”
Noon said that further resource infill and expansion drilling will also be undertaken in May, ahead of a planned mineral resource estimate update to support an increase in the mining rate.
The one-million-tonne-a-year Sorby Hills operation would have an initial eight-year mine life, based on the current indicated resource, and would require a capital investment of A$95.4-million.
The project could produce some 249 000 t of lead and 9.35-million ounces of silver a year.
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