News: Platina Resources raises funds for scandium feasibility studies

Platina Resources (ASX:PGM) has raised $404,000 through a private placement of shares priced at $0.06 to sophisticated investors.

This increases the total funds raised over the last month to $0.9 million following completion of the Share Purchase Plan that raised $500,000.

Proceeds will be used to continue its feasibility studies on its flagship Owendale Scandium and Platinum Project in central New South Wales.

The base case for the project is a simple, open-pit mining operation which will mine approximately 50,000 tonnes of ore per annum for treatment and concentration on site to produce 30 tonnes of scandium oxide at 99.9% purity.

This has an estimated capital cost of A$73.5 million with life of mine all-in-cash-costs estimated at US$466 (A$607) per kilo of scandium oxide.