AXIOM Mining has raised $2 million through a private placement and will use these funds as general working capital including preparations to develop the Isabel Nickel Project, subject to a favourable outcome in the High Court later this month, as well as for drilling on the West Guadalcanal project.
The placement of shares and options was made to sophisticated and professional investors, including a significant investment from Cleary Capital, a global resource fund.
The company has also made two key appointments to its management team – exploration manager Donald Macansh and human resources manager Hans Vulker. Axiom’s CEO Ryan Mount says, “These appointments are the beginning of efforts to strengthen our management team as we position for the growth of our Solomon Islands operations.
“These senior managers and subsequent appointments will help advance current gold exploration activities on our highly prospective West Guadalcanal project and stand us in good stead to manage the development of the world-class Isabel nickel deposits, subject to a favourable court ruling.”
Donald Macansh is a highly accomplished geologist with more than 30 years’ experience, largely in mineral exploration in Queensland and Melanesian Pacific Islands. He recently led exploration at Newcrest’s Wafi-Golpu gold deposit in Papua New Guinea, where he managed 11 drill rigs and a camp of more than 300 personnel.
Hans Vulker has spent the past 30 years in human resources and training for mining operations located offshore and in the Pacific, including Rio Tinto in Indonesia, Bougainville Copper Mine and Lihir Gold in Papua New Guinea as well as Gold Ridge mine, Solomon Islands.
Meanwhile, Resource Capital Research recently released an equity research report on Axiom Mining. It stated: “Axiom is approaching a defining moment in its history with the anticipated delivery of the judgement in September 2014 of the >3 year court battle with Japanese giant, Sumitomo Metal Mining, over ownership of potentially one of the world's largest nickel laterite deposits, located in the Solomon Islands.
“Axiom’s legal case (aligned with local landowners) looks strong, and a victory over Sumitomo could open up an initial fast-track low-capex path to production of direct shipping laterite ore within 15-18 months. Furthermore, the company is also about to start drilling Porgera-style epithermal gold targets at its West Guadalcanal Project.
“We anticipate a potential near-term doubling or tripling of the Axiom share price with a court victory over Sumitomo, with further upside from positive drilling results from the gold exploration.” www.axiom-mining.com