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Primary raises funds to restart Toms Gully

20th April 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Primary Gold would raise A$4-million through a share placement to progress its Mt Bundy gold project, in the Northern Territory.

The company said on Wednesday that it would place 100-million ordinary shares, at an issue price of 4c each, to raise the capital.

Funds would be used to restart gold production at the Toms Gully underground mine, at Mt Bundy, while Primary would also be assessing opportunities to increase the mine life at Toms Gully and to further underpin long-term growth.

The Mt Bundy gold project is estimated to host some 1.4-million ounces of gold between its Toms Gully underground mine, the Rustlers Roost mine and the Quest 29 deposit.

The Toms Gully underground mine had the potential to produce between 60 000 oz/y and 65 000 oz/y over an initial three-year mine life.

Edited by Creamer Media Reporter

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