Thursday, 16 February 2012

Dart Mining a stand out with a 13.04% share price rise

Dart Mining (ASX: DTM) has attracted some investor attention today with shares up 13.04% to A$0.13 on the exchange of 1.1 million shares at 5.08pm (AEDT).

The company is currently in an interesting position at its Unicorn Deposit in northeast Victoria as it advances towards an updated Resource.

An ongoing Scoping Study of metallurgical test work for the Unicorn Deposit has indicated high recoveries of 92.3% molybdenum, 96.1% copper and 82.6% silver.

Another plus from the Scoping Study is that saleable grades of 51% molybdenum and 23% copper plus silver concentrates were produced and with further test work it is expected that the metal percentages, especially copper, can be improved.

Further defining the potential of Unicorn is that the resource remains open at depth, with the only hole through the middle of the deposit intersecting 40 metres at 0.09% molybdenum equivalent from 348 metres, including 18 metres at 0.11%.  

The investor interest in Dart Mining is ongoing with the company recently raising A$1.54 million from the exercise and underwriting of 15.4 million listed options at $0.10 each to fund further drilling at the Unicorn Deposit and for working capital.

Tellingly, 67%, or 10.4 million, of the options were exercised on or before the 31 December 2011 expiry by shareholders, raising about $1.04 million of the funds.

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