Iron ore and gold developer, Western Desert Resources (ASX: WDR) has raised $1.3 million via a placement of 13.34 million shares at 10 cents per share.
Last price was 12.5 cents. The shares have been in a trading halt pending completion of the capital raising. Shares will be issued to sophisticated investors.
WDR has commenced follow up drilling at its flagship Roper Bar Iron Ore Project in the Northern Territory. That is a JV with large Japanese trading house ITOCHU - where WDR had recorded some stunning surface sample assays over 60% Fe in 2008.
The new funds raised will enable WDR to also perform further work at its Rover Gold Project 100kms south-west of Tennant Creek, NT. Rover is a joint venture with listed company TNG Limited (ASX: TNG).
WDR is bullish on the prospects for Rover, as WDR has tenements adjacent to the Rover 1 project owned by Westgold Resources (ASX: WGR) which recently announced “bonanza” gold grades from drilling.
Recently announced intersections from the Rover 1 project included: 32m at 20.8g/t Au from 467m; 65.75m at 11g/t Au from 492m; 49m at 5.8g/t Au from 477m.
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