Newfield Resources (ASX:NWF) has been granted an ASX trading halt in relation to a capital raising proposal.
The company holds an advanced diamond project that consists of three granted tenements covering over 540 square kilometres in Sierra Leone.
Historical and recent bulk sampling pits had returned average grades of 47 carats per hundred tonnes (cpht) and 43cpht respectively.
Newfield has purchased an earth moving fleet and Dense Media Separation (DMS) plant funded by equity.
Commissioning of the plant and first diamond production is scheduled for the fourth quarter of this year.
The company is also planning first pass aircore drilling to test newly defined gold in auger anomalies at its Newfield Extended Project in Western Australia’s Southern Cross Greenstone Belt.
The halt will last until the earlier of the announcement being made or the commencement of trade on Tuesday, 26 August 2014.
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