BLR - $16.8 million Placement Completed Page 1 of 3ASX...

BLR - $16.8 million Placement Completed Page 1 of 3
ASX Release
Wednesday 16 May 2007
BLACK RANGE MINERALS
LIMITED
Level 2 / 675 Murray Street
WEST PERTH
Australia
Tel: +61 8 9481 4920
Fax: +61 8 9226 2027
Contact:
Michael Haynes
Managing Director
E-mail:
[email protected]
Tel: +61 8 9481 4920
Directors / Officers:
Alan Scott
Michael Haynes
Matthew Wood
Timothy Flavel
Issued Capital:
525.3 million shares
108.2 million options
Australian Stock Exchange
Symbol: BLR & BLRO
$16.8M PLACEMENT COMPLETED
The Company is very pleased to announce that it has successfully
completed the placement of 70 million ordinary shares at $0.24
per share to raise $16.8 million. Patersons Securities Limited acted
as Manager to the placement, which went to domestic and
overseas sophisticated and institutional investors. The demand was
such that the placement was considerably oversubscribed.
�� Placement to raise $16.8 million successfully completed.
�� Shares placed with institutional investors in Asia and
Europe.
�� Funds to be used to fast-track aggressive exploration
programmes and rapidly advance high-grade uranium
and copper projects in the USA to feasibility study.
�� Funds also to be utilised to pursue further uranium
acquisitions.
Funds raised will be used to fast-track aggressive exploration
programmes at the Company’s uranium and copper projects in the
USA, which include:
�� The 100% owned advanced high-grade Taylor Ranch
Uranium Project in Colorado, USA. Based on
approximately 100,000 metres of previous drilling, the
Company has an initial exploration target of 15-20 million
pounds of U3O8.
�� The Eagle Uranium Project in Wyoming, USA, which
hosts a JORC-compliant resource of 4.7 million pounds of
U3O8.
�� The Cyclone Rim Uranium Project in Wyoming, USA.
Based on results from more than 115 historic drill holes the
Company has an initial exploration target of 3 million
pounds of U3O8.
�� The historic high-grade Ferris Haggerty Copper Deposit in
Wyoming, USA. The average grade of historic production
was greater than 20% copper. Historic records indicate
there remains approximately 1Mt of unmined ore at grades
of 5-6% copper. No exploration drilling has ever been
undertaken.
These projects all provide the Company with significant near-term
production opportunities.

BLR - $16.8 million Placement Completed Page 2 of 3
Extensive exploration was completed at all of the Company’s
uranium projects during the 1960’s and 1970’s with substantial
resources delineated. All three uranium projects are located within
35 kilometres of two of the USA’s only four licensed uranium
mills, providing the Company with potential low capital, short
lead-time processing streams.
The Company will utilise funds raised through this placement to
fast-track aggressive exploration programmes to bring these
projects to feasibility study.
Funds raised will also be used to continue to pursue the acquisition
of additional advanced uranium projects in the USA that the
Company has identified as a direct result of it recently establishing
a regional office in Denver, USA.
Following the completion of the Placement the Company is in a
very strong technical and financial position to rapidly advance its
high-quality uranium and base metals projects towards production.
It will also have considerable balance sheet strength to pursue the
acquisition of additional quality uranium projects in the USA.
The planned use of funds raised in the Placement is summarised
below:

BLR - $16.8 million Placement Completed Page 3 of 3
Use of Placement Funds
Taylor Ranch Uranium Project
Drilling
Feasibility Studies
Acquisitions
Eagle and Cyclone Rim Uranium Projects
Drilling
Feasibility Studies
Acquisitions
Ferris Haggerty Copper Project
Drilling
Feasibility Studies
Acquisitions
Koonenberry Base Metal Project
Airborne EM Survey
New Projects
Acquisitions $2.5million
Working Capital
Expenses of the placement
$2,500,000
$2,500,000
$500,000
$5,500,000
$750,000
$1,000,000
$300,000
$2,050,000
$750,000
$1,500,000
$500,000
$2,750,000
$350,000
$350,000
$2,500,000
$2,500,000
$2,800,000
$850,000
TOTAL $16,800,000
Mike Haynes
Managing Director
The information in this report that relates to Mineral Resources at the Koonenberry Base Metal Project is based on information compiled by Mr. Peter Ball, who is a member
of The Australian Institute of Mining and Metallurgy. Mr. Peter Ball is the Manager of Data Geo. Mr. Peter Ball has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the
“Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Peter Ball consents to the inclusion in the report if the matters based on his
information in the form and context in which it appears.
The information in this report that relates to Mineral Resources at the Eagle Uranium Project is based on information compiled by Mr. Malcolm Titley, who is a member of The
Australian Institute of Mining and Metallurgy. Mr. Titley is a Director of Fin Ore Mining Consultants. Mr.Titley has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the
“Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Titley consents to the inclusion in the report if the matters based on his
information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled by Mr. Ben Vallerine, who is a member of The Australian Institute of Mining
and Metallurgy. Mr Vallerine is a Senior Geologist of MQB Ventures Pty Ltd. Mr. Vallerine has sufficient experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Vallerine consents to the inclusion in the report if the matters based on his information in the form and
context in which it appears.
The exploration target estimates are presented here as conceptual targets that may result from the completion of successful exploration and confirmation of previous work.
They should not be understood as indicating the existence of reserves or resources in the sense implied by the JORC Code as it is uncertain if further exploration will result in
the determination of a Mineral Resource. However they are presented because Black Range Minerals wants to inform shareholders of the basis for its assessment of the
exploration potential of the Taylor Ranch Project, based on the data
currently available to the Company.