Sydney, Jan 25, 2012 (ABN Newswire) - Blackham Resources Ltd ("Blackham") (ASX:BLK) has received firm commitments to raise AU$950,000 (before costs) by a private placement of 4.75 million ordinary shares at 20 cents per share.
The funds will be used as follows to further the exploration and development of the Matilda Gold Project, to further the exploration and development of the Scaddan and Zanthus Coal Projects and for further working capital of the Company. The issue of 4.75 million ordinary shares falls within the approval granted by shareholders at a General Meeting conducted by the Company on 23 January 2012. The investors are all professional or sophisticated investors and a separate disclosure document is not required.
Blackham is about to commence a 2,000 metre RC drilling programme at the Matilda Gold Mine as soon as possible. This area has not been drilled in over 15 years and management believe the Matilda Mine has potential for both sizeable open pit and high grade underground deposits. Previous drilling has been successful in highlighting ore grade prospects that require further follow up programmes to test the economic potential of these targets. The drill programme is designed to test the continuity of the existing drill data.
About Blackham Resources Limited
Western Australian resources company, Blackham Resources Limited (ASX:BLK) is evaluating the development of the Scaddan and Zanthus Energy Projects for the export of coal and development of a coal to liquid (CTL) facility.
The Scaddan and Zanthus Energy Projects, located near Esperance, Western Australia, contain world scale coal deposits totalling 1.4 billion tonnes with over 10,600 PJ of energy at shallow depth and very low mining costs.
The project has the potential to produce 860 million barrels oil equivalent, consisting mainly of a clean diesel, as well as additional power for the region.
The Scaddan Energy Project is surrounded by complimentary infrastructure approximately 60 kilometres north of the town and major port of Esperance and 10 kilometres east of the Esperance to Kalgoorlie highway, gas pipeline and railway line.
Blackham has large landholdings in the Western Australia for across a number of commodities.
ASX:BLK) has received firm commitments to raise AU$950,000 (before costs) by a private placement of 4.75 million ordinary shares at 20 cents per share.
Blackham Resources Limited
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