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Pilbara Minerals Ltd Commences Drilling At Tabba Tabba Tantalum Project

Wednesday, 6 Nov 2013 05:15pm EST 

Pilbara Minerals Ltd announced that it has commenced drilling at Tabba Tabba Tantalum Project in Western Australia’s Pilbara region after completing the first tranche of funding required to progress evaluation and development of the recently secured project. Pilbara last month signed a Heads of Agreement (HOA) with Nagrom Mining Pty Ltd to jointly evaluate, develop and mine the Tabba Tabba Project, which is located 75km by road from Port Hedland, putting it on track to join the ranks of junior miners next year. The recently commenced diamond drilling program represents the first phase of work required as part of the joint development program agreed with Nagrom. The first tranche of the funding secured comprises a share placement to sophisticated investors comprising 75,000,000 million shares at one cent per share to raise a total of $750,000. Thirty per cent of the placement that was subscribed for by the Directors and Management. 64,000,000 shares will be allocated utilising the placement capacity approved at the November 4 shareholder meeting and the Company’s 15% placement capacity. 

Company Quote

0.25 +0.43%
15 Apr 2014