Ann: $2.15M Placement to Accelerate Exploration, page-2

Decent discount for mates?
Firm commitments received to raise $2.15 million (before costs)
▪ Proceeds to fund aggressive exploration program at Burbanks,
setting the foundations for future resource growth
▪ Planning currently underway targeting down-dip extensions of
known mineralisation at Burbanks, recent intercepts from Main
Lode include1:
o BBRC299: 3.0m @ 24.7g/t Au from 167m;
o BBRC300: 2.0m @ 16.30g/t Au from 173m; and
o BBDD020: 2.0m @ 13.2g/t Au from 160.6m.


Barra Resources Limited (ASX:BAR) (Barra or the Company) is pleased
to announce it has received firm commitments from professional and
sophisticated investors for a placement to raise approximately $2,150,000
(before costs) (the Placement) through the issue of 126,470,588 fully paid
ordinary shares at $0.017 per share (Placement Shares). Firm
commitments received also includes management and director
participation of $220,000, which will be subject to shareholder approval at
the Company’s forthcoming Annual General Meeting.

Proceeds from the Placement will principally be used by Barra to fund an
aggressive exploration campaign at the Burbanks Gold Project where
recorded historic underground production totalled 324,479 ounces at an
average grade of 22.7g/t Au from predominantly the upper 140 metres
below surface. Crucially, mineralisation remains open within the central
mining area and there has been limited exploration completed below 250
metres, and no exploration completed below 350 metres. Outside of the
central mining area (hosting the Birthday Gift & Main Lode deposits), Barra
controls over 4.5 kilometres of the highly prospective Burbanks shear
which has seen limited exploration below 150 metres despite also hosting
the Burbanks North Deposit of 359,998 tonnes @ 1.8g/t Au for 20,400
ounces (Inferred)2.

Managing Director & CEO, Chris Hansen, commented: “The over-
subscribed placement was a great show of support from the investment
community, serving to validate both the quality of the recent Board
appointees, as well as the exploration prospectivity we see at Burbanks. I
would like to thank existing shareholders for their continued support, and
welcome our new investors to the share register. The proceeds raised
will enable Barra to undertake an aggressive reverse circulation drill
program at Burbanks, targeting down-dip extensions of known high-grade
mineralisation.”