Sylvania Resources plans platinum acquisition spree 31st May 2007
Sylvania Resources has revealed that it has raised £18.3 million in funds to be put towards acquisitions over the course of 2007.
Chief Executive, Terry McConnachie, has reported that the company has raised the money in an effort to buy in the area of platinum group metals (pgms), as well as shallow deposits that can be quickly brought to production.
Speaking to MiningMX, Mr McConnachie said: "To raise our profile, we need new projects and it is easier to do that with cash in the bank."
Earlier this year, Mr McConnachie made clear his hopes of accessing platinum tailings dams currently held by major South African producers and it appears that this could form a major part of Sylvania's growth plans.
The firm has nearly completed its programme of drilling at Everest North, which is a third owned by Sylvania and two-thirds owned by Eastern Platinum, and which is understood to have significant potential for pgm production.
Sources: Sylvania raises £18m for acquisitions 30/05/07 http://www.miningmx.com/juniors/920708.htm
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