queensland ores aims to make camp soon

Mining News.net

Queensland Ores aims to make camp soon

Wednesday, 14 March 2007
Rebecca Lawson

THE coffers at Queensland Ores are set to expand, with the company undertaking a capital raising to the tune of $24 million via a placement and rights issue that will take its Wolfram Camp tungsten-molybdenum project into production by year-end.





The raising will see up to 35 million new shares issued at a discounted 35c per share to raise $12.25 million.

The non-renounceable rights issue will be on a one new share for two existing shares basis and will also involve the issue of an additional 35 million shares at 35c each.

The raising is still subject to shareholder approval, with a meeting organised for mid-April, and Sydney-based Far East Capital will manage the placement and underwrite the rights issue.

"Following this equity raising, we anticipate that the company will be able to fully fund all development and commissioning activities at Wolfram Camp," Queensland Ores chief executive Taff Greenwood said.

Queensland Ores aims to bring its 150,000 tonne per annum Wolfram Camp project into production by September.

Wolfram Camp is described by the company to be one of Australia's richest tungsten and molybdenum deposits near Cairns.

Earlier this year, Queensland Ores topped its coffers to the tune of $2.2 million thanks to options expiring at the end of January, which comes on top of the $2.7 million placement late last year to the private investment fund of Macarthur Coal chief Ken Talbot.