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Sydney, April 1, 2010 (ABN Newswire) - Dynasty Metals Australia Limited (
ASX:DMA) ("Dynasty") is pleased to announce that it has raised A$2.1M through the issue of 10,000,000 new ordinary shares in the company placed to sophisticated investors at an issue price of A$0.21 per share. Patersons acted as Lead Manager to the Placement.
The funds raised are to be dedicated to accelerating the further evaluation of Dynasty's Prairie Downs Iron Ore Project in the Pilbara Region of Western Australia. The funds will be used on exploration drilling, the determination of beneficiation methods and costs and the investigation of transport and shipping options with a view to establishing the commercial basis for a feasible project development.
Following completion of the share placement, Dynasty will have 77,681,312 shares on issue.
ASX:DMA) ("Dynasty") is pleased to announce that it has raised A$2.1M through the issue of 10,000,000 new ordinary shares in the company placed to sophisticated investors at an issue price of A$0.21 per share. Patersons acted as Lead Manager to the Placement.The funds raised are to be dedicated to accelerating the further evaluation of Dynasty's Prairie Downs Iron Ore Project in the Pilbara Region of Western Australia. The funds will be used on exploration drilling, the determination of beneficiation methods and costs and the investigation of transport and shipping options with a view to establishing the commercial basis for a feasible project development.
Following completion of the share placement, Dynasty will have 77,681,312 shares on issue.
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About Dynasty Metals Australia Limited
Dynasty Metals Australia Ltd (ASX:DMA) is an emerging Australian iron ore exploration company focused on developing its 100%-owned tenements at Prairie Downs in Western Australia's Pilbara region.
In March 2010, Dynasty announced initial JORC-Compliant Inferred Resources of 453 million tonnes of Detrital Channel Iron and 23.3 million tonnes of Marra Mamba Iron Formation.
The 2010 exploration programs are underway and are aimed at further testing and significantly expanding the current resources, as well drilling a large iron-rich basal conglomerate for the first time. The exploration target is more than 1 billion tonnes of iron.
During 2010, Dynasty plans to commence detailed commercial investigations that will cover preliminary mine planning, beneficiation process design, mining and processing costs, transport infrastructure, capital costs, environment and native title clearances, and government approvals. A pre-feasibility study is anticipated to commence in late 2010.
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