- Written by ASIA Miner News
Central Asia Resources intends to use $1.3 million raised in a placement to advance the Dalabai heap leach project and undertake an independent review of the prospectivity of the Bizhe licence area.
An existing shareholder, Nojood Holding Company, has subscribed for the shares, which represent about 15% of shares on issue.
Central Asia’s managing director Jason Stirbinskis says the funding will be used to progress permitting and approvals required to bring the Dalabai Gold project into production in 2011.
“Further funding will be required before construction can begin, however this funding will enable the company to continue to meet its development timetable and add value before the major funding requirement which is expected to be in February 2011.”
Dalabai has a resource of 97,000 ounces of gold and 1.36 million ounces of silver. Commissioning of the 500,000 tonnes/year heap leach facility is planned for the third quarter of 2011 and will have annual production of about 20,000 ounces of gold and substantial amounts of silver.