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Tuesday, 6th January 2009 (1820 views)

Resolute Mining has announced that it has raised $54.7 million towards the commissioning of its Syama gold project in Mali, Africa.

The company plans to use the majority of the cash raised to finish construction, commission and start production at Syama.

Peter Sullivan, Resolute chief executive, said: "This raising was critical to the company’s development plans and is an excellent result given the state of the markets at the moment."

Resolute Mining hopes to produce up to 250,000 ounces of gold a year at the mine, with the first gold at the Syama project produced from oxide material in November 2008.

Commissioning of the main sulphide ore processing circuit is scheduled to begin in the second quarter of 2009 and Resolute has claimed that Syama is set to become its "flagship operation".

Based in Resolute Mining is a gold projects developer and operator whose projects to date have yielded more than 4.8 million ounces of gold and include Golden Pride in Tanzania and Ravenswood in Queensland.

 

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