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Monday, 20th April 2009 (1360 views)

Ampella Mining has organised a placement of 15 million new shares in order to raise funds for its Batie West gold project in Burkina Faso.

The company plans to raise A$2.7 million (£1.3 million) this month following a successful share offering earlier this year, issuing 15 million shares at 18 cents each.

Ampella Mining has commenced a 5,000m second phase drill programme at its Batie West property on eight targets and expects to report the results in May and June this year.

Plans to carry out drilling in the central area of the project include the Konkera prospect, which returned results in late 2008 that included 22m at 5.04 g/t gold from surface, 28m at 3.53 g/t gold from 6m and 25m at 2.27 g/t gold.

Focused on mineral exploration activities in Burkina Faso, west Africa, Ampella Mining owns four projects covering ten permits and is planning to become a gold producer in the near term.

 

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