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Spitfire in funding negotiations for South Woodie Woodie

16th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Junior Spitfire Resources is looking for a partner to assist in funding the development of its South Woodie Woodie manganese project, in Western Australia.

The company said on Monday that given the tightening of the capital markets, a funding partner was required to assist in financing larger scale exploration planned at South Woodie Woodie.

A number of negotiations have now started with “naturally aligned players”, the developer said.

Meanwhile, Spitfire added that it was also looking for new assets to add to its portfolio.

The South Woodie Woodie project comprises 13 granted exploration licences and four exploration licence applications, over some 2 249 km2. The project has a maiden inferred resource of 11.3-million tonnes, at 15% manganese.

The ASX-listed junior has worked to reduce its overheads by A$340 000 a year after cutting MD John Mackenzie’s remuneration by A$50 000 a year, and reducing director’s fees by 28.5%, as well as reducing executive management and administration’s salaries.

Edited by Creamer Media Reporter

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