Mount Burgess Mining announced today a successful share issue to fund its exciting drill programmes in Botswana and Namibia.
It was interesting to note that the capital raising was achieved at .14 cents a share, a price that would suggest great confidence in the prospects of current drilling. Already the price has shot to .165 cents, a handy premium to the issue price but still well short of one analyst's valuation (which pre-dated current drilling) of .23 - 26 cents.
Base metal intercepts (silver, lead and arsenic) made over the past fortnight have been declared "significant" by the company and it expects to release an update on their exact nature within days.
Namibia also looks promising with a micro diamond and pyrope garnets found recently.
I am hoping for a very positive announcement on the current round of drilling in the next week and believe it should give the SP a further fillip.
Conduct your own research. I hold.
R/Gupper
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