Axiom Mining has raised $1.1 million by way of a private placement with most of the funds to be used to ramp-up exploration efforts on the West Guadalcanal Gold Project. Funds will also be allocated to complete the trial that is nearing completion over the Isabel Nickel Project and ensure that Axiom is able to resume exploration and drilling on Santa Isabel Island immediately in the event that the company is successful in the proceedings.
The company says oral submissions are expected to be completed by Wednesday of this week with judgement expected to be handed down at a date yet to be determined by the Court.
Axiom’s CEO Ryan Mount says, “We are encouraged with how the High Court trial has proceeded and that it is now coming to an end.
“We are also pleased to have been able to successfully advance exploration on our West Guadalcanal project this year, which has shown the project’s high grade potential and will progress us towards drilling.” The company hopes to start a drilling campaign and expects to announce details shortly.
With increasing evidence of the potential of the West Guadalcanal project and the delay in implementation of Vietnam’s new mining law, Axiom has decided to focus its resources on the assets with highest potential for shareholder value.
Ryan Mount says, “Our Solomon Islands tenements include the promising gold project at West Guadalcanal and the world-class nickel deposits on Santa Isabel Island. We have decided to transition our Vietnam operations to maintenance mode to enable us to efficiently focus our resources and efforts in the Solomon Islands. We will also be executing a plan to efficiently add value to our Australian mineral portfolio.”
He says the company still believes that Vietnam offers great potential for resource development and has taken steps to maintain avenues for recommencing exploration in future if circumstances permit. www.axiom-mining.com