Brockman Resources Limited (ASX: BRM)
ALL FUNDS FROM A$112.5M CAPITAL RAISING NOW RECEIVED
BROCKMAN
FULLY FUNDED THROUGH TO EARLY PRODUCTION
Western Australian iron ore company, Brockman
Resources Limited (ASX Code: BRM), is pleased to advise that all
funds from the second tranche of the Company?s A$112.5 million capital
raising have now been received.
The second tranche was approved at an Extraordinary
General Meeting of the Company on Monday 7 July, and comprised the issue of
32.6 million shares at A$2.50 to raise A$81.5 million. The first tranche
of the placement comprised 12.4 million shares at A$2.50 to raise A$31.0
million, bringing the total capital raised to A$112.5 million.
The receipt of these funds means that Brockman is now
fully funded to achieve first ore production from the Company?s flagship
Marillana Iron Ore Project, 100km north of Newman in Western
Australia, at an initial rate of 2 Mtpa by late 2009.
Managing Director of Brockman Resources, Mr Wayne
Richards, said, ?This is an outstanding result ? particularly in light of the
current market volatility ? and reflects the excellent credentials of the
Marillana Project. We are pleased to have finalised this capital raising, which
has brought a number of new domestic and international institutions on to the
Brockman share register.?
Mr Richards also reiterated that the Marillana Project
development work was proceeding in accordance with the Project Management Plan,
and the Company was preparing to award the 2 Mtpa Definitive Feasibility Study
to the preferred engineering company.
- ENDS -
Released
by:
On behalf of:
Nicholas
Read / Kate
Bell
Mr Wayne Richards
Read
Corporate
Managing Director
Telephone: (+61-8)
9388
1474
Brockman Resources Limited
Telephone: (08) 9388-0866
This
announcement is not an offer of securities for sale in the United
States. The securities referred to in this
announcement have not been, and will not be, registered under the US
Securities Act of 1933 and may not be offered or sold in the US
in the absence of registration or an applicable exemption from the registration
requirements.
References to
Exploration/Production targets and Potential
Brockman has not yet reported any
ore reserves from its Marillana Project. While the Company remains
optimistic it will report reserves in the future, any discussion in relation to
production targets is only conceptual in nature as there has been insufficient
work to define a Mineral Reserve and it is uncertain if further work will
result in the determination of a Mineral Reserve.
Competent Person?s Statement
The information in this report
that relates to Mineral Resources is based on information compiled by Mr M
Nimmo and Mr A Zhang.
Mr M Nimmo, who is a Member of
the Australasian Institute of Geoscientists and a full-time employee of Snowden
Mining Industry Consultants Pty Ltd produced the Mineral Resource estimate
based on the data and geological interpretations provided by Brockman. Mr
Nimmo has sufficient experience that is relevant to the style of
mineralisation, type of deposit under consideration and to the activity that he
is undertaking to qualify as a Competent Person as defined in the 2004 edition
of the ?Australasian Code for Reporting of Exploration, Results, Mineral
Resource and Ore Reserves. Mr Nimmo consents to the inclusion in this
report of the matters based on his information in the form and context that the
information appears.
Mr A Zhang, who is a Member of
the Australasian Institute of Mining and Metallurgy and a full-time employee of
Brockman Resources Ltd provided the geological interpretations and the
drillhole data used for the Mineral Resource estimation. Mr Zhang has sufficient
experience that is relevant to the style of mineralisation, type of deposit
under consideration and to the activity that he is undertaking to qualify as a
Competent Person as defined in the 2004 edition of the ?Australasian Code for
Reporting of Exploration, Results, Mineral Resource and Ore Reserves. Mr
Zhang consents to the inclusion in this report of the matters based on his
information in the form and context that the information appears.
READ CORPORATE
Public Relations
Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8)
9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au