Thursday, 16 February 2012

Meteoric Resources in pre open pending private placement negotiation

Meteoric Resources (ASX: MEI) has been granted a trading halt by the ASX pending an announcement on a private placement with several sophisticated investors, with the company's shares placed in pre-open.

Meteoric has not yet released any further details, but the company is in a very interesting position after last month commencing a 6000 metre air blast drilling program at the Tibooburra gold project.

The project is located in north-west New South Wales, with the drilling campaign to follow up on shallow high grade gold intersections.

These intersections included 20 metres at 5.22 grams per tonne (g/t) gold from 8 metres, and 4 metres at 11.33g/t from 36 metres.

The halt will last until the earlier of the announcement being made to the market, or the opening of trade on Tuesday 21 February.

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