Last Updated- May 19, 2009 7:45 - - 0 Comments


Azumah Resources raises $5.25m to invest in Ghana

miningAzumah Resources Ltd, an Australian mining company has raised $5.25 million via a placement to local and international institutional and sophisticated investors, issuing 58.33 million fully paid ordinary shares at $0.09 per share, according to a report by Proactive Investors.

Azumah Resources is focusing on the exploration and development of a 100%-owned Wa-Lawra Gold Project in northwest Ghana. The Wa-Lawra Project contains a JORC compliant resource of over 500,000 ounces of gold at the Kunche deposit.

The placement generated strong support and was heavily oversubscribed. Macquarie Bank is participating in the placement and increasing it’s equity in Azumah to 15.26%.

The funds will be used to accelerate exploration, resource definition and project development at Azumah‟s highly prospective Wa-Lawra Gold Project in Ghana and, subject to the successful completion of it’s acquisition from Crew Gold Corporation, the Wa Project.

The 100% owned Wa-Lawra Gold Project has a defined an Indicated and Inferred mineral resource inventory of 754,000 ounces.

Executive Chairman, Mr Stephen Stone said, “This additional funding combined with our outstanding exploration targets and existing mineral resources will increase our ability to achieve our primary objective of delineating sufficient gold mineralisation to underpin a stand-alone, open-cut mining operation in north-west Ghana.”

By Emmanuel K. Dogbevi

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