4th Mar 2005 13:33
Frontier Mining Ltd04 March 2005 Frontier Mining Ltd ("FML" or "the Company") Placing Raises £4.375m The Company announces that it has today completed a placing, arranged byEvolution Securities Limited, to raise approximately £4.375 million beforeexpenses ("the Placing"). A total of 17,500,000 ordinary shares of $0.01 each("New Ordinary Shares") have been placed with institutional investors at a priceof 25p. The funds raised from the Placing will be used to fund the first phase of afeasibility study on a portion of the company's 25 kilometre copper/gold trendand advance resources and reserves at its Naimanjal, Koskuduk, and Baltemir goldand silver projects in Kazakhstan. The Company will also use a portion of thefunds raised to carry out due diligence on potential uranium projectopportunities in Commonwealth of Independent States ("CIS") countries, which arecurrently under review. Brian Savage, CEO of FML, comments, "The Placing comes at a pivotal time in theCompany's development as we move towards gold production commencing at ourNaimanjal mine the end of May. We expect that the Placing will enable us tomake rapid progress expanding the resource categories at our gold and copperprojects. We are also excited to be reviewing uranium opportunities in CIScountries. On behalf of the FML Board, I would also like to thank the US andKazakhstani organisations working with us for their continued support,especially the United States Trade and Development Agency." The Placing is conditional on admission of the New Ordinary Shares to trading onthe AIM market of the London Stock Exchange ("Admission"). These applicationshave been made and it is expected that Admission will occur on 10 March 2005. Enquiries: Frontier Mining Ltd Brian Savage 020 7849 6530Parkgreen Communications Justine Howarth / Annabel Leather 020 7493 3713 About FML FML is a mineral exploration and development company that was incorporated inthe state of Delaware, USA, on 5 August 1998 for the purpose of exploring anddeveloping gold and copper deposits in the Republic of Kazakhstan and othercountries of the Commonwealth of Independent States. Through its subsidiariesand affiliates, FML locates, evaluates, acquires, explores and develops mineralproperties. FML has two licenses, over a total area of 4,326 km2, owned by its wholly ownedsubsidiaries in Kazakhstan. They are the Naimanjal exploration and mininglicense, held by FML Kazakhstan, and the Baltemir exploration license, held byBaltemir LLP. FML is currently focused on three gold projects with more thantwo million ounces of oxide gold resource and two copper/gold projects with morethan 5 billion pounds of contained copper (P1) resource. FML was admitted to the AIM Market of the London Stock Exchange on 2 September2004. Following Admission FML will have 78,644,221 ordinary shares issued and21,279,457 outstanding options and warrants, giving 99,923,678 fully dilutedordinary shares. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FML.L