Empire Resources in voluntary suspension pending capital raising announcement

Empire Resources (ASX: ERL) has been granted a voluntary suspension by the ASX pending the release of details surrounding a capital raising.

Empire has not yet indicated where the potential capital injection will be allocated, but has recently been delivering some very impressive copper hits at the Yuinmery Project.

Earlier in the week the company announced the hit of 4 metres at 4.68% copper and 0.5g/t gold, with 7 metres at 3.17% copper and 0.47g/t gold, at the project.

The copper intersection forms part of a wide zone of disseminated sulphide mineralisation from 173 metres, with the true width estimated to be at least 80% of the drill intersection.

Another very important factor for the A Zone prospect is the strategic location, positioned just 1.3 kilometres north of the company's flagship Just Desserts prospect.

Just Desserts already hosts an Indicated and Inferred JORC Resource of 1,070,000 tonnes at 1.82% copper and 0.78g/t gold.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19755/empire-resources-in-voluntary-suspension-pending-capital-raising-announcement-19755.html