avanco to expand & accelerate its projects ...

NB: I'm not sure if this article has already been posted on the AVB threads posters, but I didn't see it if it had. - Tweets (:
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[Source: www.investinbrazil.biz/news]
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Avanco Resources to raise A$20 million for expansion and acceleration of its projects
9 Nov 2010

Avanco Resources is to raise A$20 million for the acceleration of its expansion plans for its mining projects in Brazil. The Brazil focused mineral explorer said it will be raising the finances via a placement to institutional and sophisticated investors. The money is to be put into the expansion and speed-up of its copper and nickel/platinum projects.

The raising will be done through the issue of 200 million shares, at 10 cents per share for the raising of the overall sum, reported the miner Monday. The placement would be issued in two tranches, with the first expected on November 10, followed by another tranche which would be conditional upon shareholder approval.

In a statement outlining the plans, Avanco Resources managing director Tony Polglase said the successful completion of this placement will place the company in an enviable and strong financial position to aggressively accelerate an expanded 50 000-m exploration and development program over its copper and nickel platinum projects.

In that regard, the finances would allow the firm to commence plans for an expanded drilling program cutting across its portfolio of mining assets, said the statement. However, initial drilling would focus on drilling out and expanding the high-grade copper discovery at the Antas South deposit.

According to Polglase, Avanco�s recent high-grade copper drilling success at Antas South provided significant justification for the implementation of a substantial and comprehensive exploration program. Polglase further reiterated that such a program would be expected to realize the full potential of Antas South and also test key copper targets across Rio Verde and Serre Verde in a timely way.

He noted that the company was also in an advanced stage of negotiations of several additional high-quality copper projects, also located in the Carajas province, in Brazil.

Avanco is a Brazilian focused exploration and development company listed in December 2007 on the Australian Securities Exchange. The company is developing the high grade Rio Verde Copper Project and exploring for nickel sulphides at the Touro Nickel Project. Both projects are located in the world class Carajas Mineral Province in northern Brazil.

The Carajas region is by virtue of the known mines and recent discoveries, regarded as one of the most prospective mineral provinces in the world for the discovery of copper-gold and nickel ores. The Company has four Carajas exploration properties and is actively seeking to increase its presence in the region.


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