Australian-listed Prospect Resources has received the first tranche of A$103 725 from a total placement of A$310 000 to be used to fund gold mining and exploration projects in Zimbabwe.
Nonexecutive director Harry Greaves says the funds will be used for general working capi- tal purposes and to fund ongoing exploration at the Bushtick gold project, in the Esigodini greenstone belt, in the south of the country.
The funding was sourced on the back of encouraging results from an initial exploratory sampling campaign at the Bushtick project.
Some of the money allocated will be used to fund further exploration and development at the Prestwood gold mine.
The company plans to use the Zimbabwe operations to set up a regional, diversified African mining empire.