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Sydney, June 10, 2011 (ABN Newswire) - Dynasty Metals Australia Limited (
ASX:DMA) is pleased to announce a placement of 13.5 million shares at 18 cents per share to two China based private investors to raise approximately A$2.3 million.
These funds will replenish much needed cash resources which were depleted by events of the preceding six months, and will enable the Company to implement an interrupted drilling program, as well as expedite metallurgical analysis and a beneficiation works program on the Company's core Prairie Downs tenements.
The Company is also pleased to advise that the writ challenging the validity of proxies of the last EGM (see ASX announcement on 24 March 2011) has been discontinued by the plaintiff.
ASX:DMA) is pleased to announce a placement of 13.5 million shares at 18 cents per share to two China based private investors to raise approximately A$2.3 million.These funds will replenish much needed cash resources which were depleted by events of the preceding six months, and will enable the Company to implement an interrupted drilling program, as well as expedite metallurgical analysis and a beneficiation works program on the Company's core Prairie Downs tenements.
The Company is also pleased to advise that the writ challenging the validity of proxies of the last EGM (see ASX announcement on 24 March 2011) has been discontinued by the plaintiff.
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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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