Monday, 8th November 2004 (2411 views)

Mining firm Tanami Gold has revealed it is looking to raise $16 million of funds to complete studies on its Coyote gold project and to purchase equipment and plant.

The business has already released shares to clients of Perth based merchant bank Azure Capital, Austock and London broker Ocean Equities.

Tanami chairman, Denis Waddell, told AAP: "The funds will ensure that Tanami can complete the Coyote gold project bankable feasibility study, continue significant resource delineation and exploration drill programs and purchase plant and equipment for the Coyote gold project - including the Brocks Creek CIP plant."

In addition, the funding will allow the company to pay back its $5 million debt facility and create additional working capital.

The treatment plant from the old Brocks Creek operations which were bought by Tanami in August will be relocated to Coyote in Western Australia if plans go ahead.

 

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