JOHANNESBURG (miningweekly.com) – The Norton gold mine in Queensland was fully funded to production, following a share placement to raise $1-million, ASX-listed Mantle Mining reported on Friday.
The Norton mine would be restarted shortly and was expected to achieve first production in the “coming months”, said Mantle, which had ambitions to be Australia's newest gold miner.
The company said that it had allocated a sufficient portion of the funds raised from the placement to the Norton project and that the balance would be applied to the continued development of its Morning Star project, in Victoria.
The funds were raised by placing 100-million shares at $0.01 a share to high net worth investors.