BLR 0.00% 0.2¢ black range minerals limited

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

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    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.
 
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