Georgian Mining Corporation raise $7million in oversubscribed placing

Georgian Mining Corporation LON:GEO has told DirectorsTalk that it has raised US$7 million (GBP5,463,942) by way of a significantly oversubscribed placing and subscription of 34,149,638 new ordinary shares of no par value in the capital of the Company with new and existing shareholders in the Company, at a price of 16 pence per Placing Share.

The net proceeds of the Placing will be primarily used to expand the resource development at the Kvemo Bolnisi copper and gold project in Georgia beyond the existing JORC estimate of 2.22 Mt @ 0.8% Cu and 0.1 g/t Au as well as to advance regional exploration. The Project is located on the Tethyan Belt, which is host to multiple high grade copper-gold deposits and producing mines in Turkey, Armenia, Serbia and Georgia. The Company believes KB has the potential to host one large epithermal copper/gold deposit and a three phase resource development programme is underway to reach the Company’s 50Mt exploration target for KB, which is just one of 14 target areas identified within the Company’s 860 sq km licence area.

Having achieved and exceeded its stage 1 target of 1-2Mt of combined copper-gold sulphide and gold oxide mineralisation, GEO is currently undertaking drilling to realise its stage two resource target of 3-5 Mt in 2017. Results to date have delivered exceptional copper and gold grades, including 16m @ 15.4% Cu from 47m, including 4.95m@ 40.50% Cu. In tandem with its resource development work, the Company is also working to deliver proof of concept copper and gold production using its JV Partner’s processing infrastructure, which has excess capacity and is located in close proximity to KB. This will de-risk the project by defining the processing route for the ore, provide cash flow to contribute towards further exploration and strengthen the relationship with the Company’s partner. Discussions with the Company’s JV partner are ongoing and further updates will be made on completion.

GEO’s Managing Director, Greg Kuenzel said, “KB continues to deliver excellent grades from drilling which validate our belief that we are developing a significant copper and gold deposit. The second half of 2017 is set to be very active with work on both an upgraded resource and proof-of-concept production on track to be delivered this year. This, we believe, will put the Company on the map as a significant Tethyan Belt play.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Georgian Mining Corp

    More articles like this

    Georgian Mining Corp

    Spot copper premiums edged up

    Premiums of spot copper cathode edged higher in Shanghai on the morning of Wednesday May 6, from the level before the Labour Day holiday, as some top traders replenished inventories after the holiday.  Transactions cooled near

    Georgian Mining Corp

    London copper nears 6-week high as economies reopen

    London copper prices touched their highest level in nearly six weeks on Monday as some major economies plan to reopen businesses, while more stimulus from Japan also helped sentiment. Benchmark three-month copper on the London Metal

    Georgian Mining Corp

    Copper gains as top consumer China cuts lending rates

    Copper prices advanced on Monday as China, the world’s biggest consumer of the red metal, announced rate cuts to cushion the economic fallout of the coronavirus pandemic. China cut its benchmark one-year loan prime rate (LPR)

    Georgian Mining Corp

    Copper is the ultimate tool for innovation

    The metal has been with us through some of the greatest technological advances we’ve ever made. Stone was cutting-edge until about 10,000 years ago, when our ancestors discovered a better material from which to fashion their

    Georgian Mining Corp

    International Copper Association’s Response to COVID-19

    The global spread of COVID-19 has left many individuals and communities filled with concern. The International Copper Association (ICA) stands with its members as they focus on the health, safety and well-being of their employees, their

    Georgian Mining Corp

    Copper rises as Chilean miners consider output cut

    London copper prices rose on Monday as companies in top producer Chile consider output cuts at a time when the country has taken strict measures to contain the spread of the new coronavirus. Three-month copper on

    Georgian Mining Corp

    Copper Demand to Increase as Energy Consumption Falls

    As the world continues to move toward a sustainable and energy efficient future, copper has a major role to play. If global energy consumption reduces by three percent annually, copper demand would experience a cumulative increase

    Georgian Mining Corp

    Why is copper so important?

    Affordable and Clean Energy Products containing copper tend to operate more efficiently because copper is the best nonprecious conductor of heat and electricity. By globally adopting Minimum Energy Performance Standards (MEPS) in industrial equipment and residential

    Georgian Mining Corp

    Copper gains as Fed’s rate cut gets positive response

    Copper prices climbed on Wednesday as traders interpreted the U.S. central bank’s rate cut as a positive move that will ease liquidity, but worries about demand in top consumer China dominated. Benchmark copper on the London

    Georgian Mining Corp

    Copper rebound expected to pick up pace

    In light of preliminary figures for Copper futures markets from CME Group, open interest went down for the fifth consecutive session on Friday, now by almost 5K contracts. On the flip side, volume reversed four drops

    Georgian Mining Corp

    Copper bounces despite rise in virus cases

    Copper has rebounded after speculators surprised the market with a bout of buying late in the session despite a rise in new coronavirus cases in China. Copper was in the red or barely steady for most

    Georgian Mining Corp

    China stimulus helps copper to three-week high

    Copper prices climbed to three-week peaks on Monday after top consumer China cut interest rates to offset the economic damage from the coronavirus, though worries over demand for industrial metals capped gains. Benchmark copper on the

    Georgian Mining Corp

    Copper Futures: Recovery expected to continue

    Open interest in Copper futures increased for the third session in a row on Thursday, now by almost 1.9K contracts, as per advanced data from CME Group. Volume followed suit and rose by nearly 24.8K contracts

    Georgian Mining Corp

    Copper Drives Electric Vehicles

    The market for electric vehicles (EV) is rapidly changing as leading manufacturers debut new products, battery prices drop and government incentives continue around the world. Copper is essential to EV technology and its supporting infrastructure. The

    Georgian Mining Corp

    Georgian Mining Corp changes name to Empire Metals Limited

    Georgian Mining Corp (LON:GEO), the gold-copper exploration and development company, today announced that it has changed its name to Empire Metals Limited.  The change of name reflects the Company’s developing growth strategy which is anticipated to