Canadian-based Southeast Asia Mining will put the $2.5 million raised through a private placement of shares towards exploration activities at its Thailand properties.
A company subsidiary is undertaking an environmental and health impact assessment of the Kanchanaburi and Boh Yai properties in western Thailand to progress the process to secure mining permits. Southeast Asia signed a joint venture agreement with the two companies which own the properties in March this year to acquire an 80% interest in them.
This agreement represents the company’s main Thai assets. The Kanchanaburi mine is a former 1,200 tonne per day producing base metal operation which ceased production in 2002 when the mining licenses lapsed. The mine has in excess of 15 years mine life as calculated on the current resource base estimate from 2008.
In other news, Southeast Asia has appointed a new board member with more than 35 years experience in mineral exploration. Stephen McIntyre was most recently the chairman of Trelawney Exploration and Mining and has achieved international credit through critical analysis of climate research.
The company’s chairman Kerry Smith says his appointment will help the relatively junior exploration and mining company to enhance its main assets and renew four exploration mining licenses surrounding the two mines, in a bid to identify additional resources.