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Dalradian raises more than planned for Ulster gold mine

Published: 07:56 08 Oct 2015 EDT

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The net proceeds will fund exploration, land acquisition and permitting at the Curraghinalt Gold mine.

Dalradian (LON:DALR TSX:DNA) has raised more than cash than expected through a  placing as it moves forward with plans to open a gold mine in Ulster.

A bought deal placing  brought in C$40mln against inital expectations of US$35mln. Each unit comprised one common share of Dalradian and a warrant and were sold at C$0.80 each.

The net proceeds will fund exploration, land acquisition and permitting at the Curraghinalt Gold mine.

Vanguard Precious Metals and Mining Fund, through M&G, took up 22.8mln of the 50 mln units and now holds 10.65%.

Recent drilling at the deposit uncovered some bumper gold grades including 100 g/t over 1.24m, and multiple holes at over 10 g/t.

Currently, measured and indicated resources are just over 1mln ounces at a grade of 10.41 g/t, with a further 2.49mln oz in the inferred category.

 

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