Kingston Resources raises $12.9m to fund resource expansion, studies at Mineral Hill
ASX-listed Kingston Resources has received firm commitments for a placement to raise $4.4-million followed by an $8.5-million underwritten entitlement offer at $0.035 apiece.
Kingston intends to use the $12.9-million proceeds to fund a multi-rig, 25 000 drill programme at the Mineral Hill gold and copper project, in New South Wales, as the company ceased openpit mining and delayed the start of underground mining in favour of developing a clear plan focused on upgrading and expanding the existing mineral resource and ore reserve.
The company aims to lengthen the Mineral Hill life-of-mine and ensure a larger production base to underpin a future operational restart.
Additionally, Kingston is undertaking plant expansion studies, given that the Mineral Hill processing facility holds significant strategic value as the only polymetallic concentrate plant in the South Cobar basin with the ability to produce gold doré.
While the plant currently has an existing 350 000 t/y processing capacity using carbon-in-leach and flotation, Kingston has permits in place to enable processing of up to 700 000 t/y.
Following the fundraising, Kingston will emerge well-funded with $32-million in cash, inclusive of the $10-million cash payment due on July 11 from the sale of the Misima gold project to Ok Tedi Mining.
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