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Empire Resources attracts attention with new gold project funds

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Shares in Empire Resources (ASX:ERL) spiked 27.3% today with news the company had raised A$400,000 for development of its highly prospective Penny’s Find gold project in Western Australia.

The stock was last trading at A$0.014, which represents a 367% pick-up since the midpoint of the calendar year.

Empire’s latest cash injection follows the sale of all its non-core share holdings in partially-owned subsidiary Barola Resources.

This improves the company’s footing for ongoing development work at Penny’s Find where another 14,500 ounces of gold were recently added to the deposit, bringing the resource total to 470,000 tonnes grading 4.4 grams per tonne gold for about 66,800 ounces of gold.

The new resource incorporates results from recent metallurgical drilling, including a 7-metre intersection at 4.65 grams per tonne gold and 19 metres at 9,35 grams per tonne gold.

The total in-situ Penny’s Find resource extends to at least 250 metres below surface and remains open at depth.

Already satisfied requirements for feasibility and permitting at the site otherwise include the successful completion of a number of technical studies, a road diversion design and geotechnical drilling for wall stability.

Penny’s Find is projected to be in production and generating cashflow in the beginning of 2016 with minimal infrastructure requirements and high recovery rates thanks to simple, free milling ore.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Empire Resources Ltd

Price: 0.014 AUD

ASX:ERL
Market: ASX
Market Cap: $12.72 m
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