Altona Mining ASX:AOH UpgradedAltona Mining ASX:AOH has been...

Altona Mining ASX:AOH Upgraded

Altona Mining ASX:AOH has been upgraded to a strong buy with a 2012 price target of $0.88c issued by HCM today.

Altona Mining Limited announced that Tulla Resources Group Pty Limited (atf Tulla Resources Investments Trust) has acquired 35,348,000 ordinary shares in the Company, which represents 7.49% of the voting power.

Altona Mining Limited announced that it has issued 76,187,227 ordinary shares at an issue price of AUD 0.31 each. The shares were issued in accordance with Institutional Offer announced to market on January 31, 2011 and approved by shareholders on March 11, 2011. The purpose of the issue is the development of the Outukumpu Copper Project in Finland and conduct major drilling campaign on the Roseby Project located in Queensland Australia.

Altona Mining Limited (AOH) announced that Bank of America Corporation is holding 15,622,427 ordinary shares, representing 5.10% of the voting power in AOH.

Altona Mining Limited (Altona), formerly Universal Resources Limited, is engaged in development, evaluation and exploration of its base metal mining projects in Finland and Australia. The Company's projects include Outokumpu and Roseby. Outokumpu is located in Eastern Finland.

On August 2, 2010, the Company announced the completion of the definitive feasibility study of the Outokumpu Copper Project together with its intent to develop this project. The Company's 100% owned project is Roseby, near Cloncurry in Queensland, Australia.

The Roseby project is covers an area of 2,000 square kilometers adjacent to the Dugald River zinc project. Roseby is the copper resource in Australia. Roseby contains 132 million tons of ore grading 0.7% copper and 0.1 grams per ton gold for 906,000 tons of copper metal and 254,000 ounces of gold. On February 4, 2010, Vulcan Resources Limited and Universal Resources Limited announced the completion of their merger.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.