Gold Road raises cash for Gruyere study
PERTH (miningweekly.com) – ASX-listed miner Gold Road Resources has raised A$39.3-million through a share placement to a range of new and existing institutions and sophisticated investors.
Some 89.3-million shares were placed at 44c each to raise the capital, which Gold Road on Thursday said would be used to complete the definitive feasibility study on the 5.51-million-ounce Gruyere project, in Western Australia, and to continue testing for new regional targets throughout the Yamarna belt.
Gold Road executive chairperson Ian Murray said that with stages one and two of the prefeasibility study (PFS) due over the next seven months, as well as an increase in exploration focus, Gold Road was set for an exciting period.
Stage one of the PFS was due in September, and would result in the selection of an optimal throughput rate for the Gruyere project of either 5-million tonnes, 7.5-million tonnes or 10-million tonnes, as well as the identification of an energy source for the Gruyere processing plant.
The output from the stage one PFS would be used to complete the second stage of the study. The results of this would guide the definitive feasibility study (DFS), which would include resource definition drilling. The DFS would be completed by the end of 2016.
In addition to the placement, Gold Road on Thursday also announced that it would undertake a share purchase plan to raise up to A$10-million.
Eligible shareholders would be allowed to subscribe for an additional A$15 000 each in Gold Road shares, which would be priced at 44c a share.
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