Echo Resources announced that has raised A$3.2 million through a placement of fully paid shares at an issue price of $0.16 per share.
According to the company, the proceeds of the placement will be used to fund an active exploration campaign designed to increase gold Resources and Reserves across its substantial tenement portfolio in the Yandal gold belt of WA.
CEO Simon Coxhell said a decision to mine will be reached once sufficient gold Reserves have been identified.
“We are very pleased to see the excellent support for both the Placement and Echo’s strategy to grow our Gold Resources prior in advance of a decision to mine. I am confident that the exploration activity we have planned for the next few months will quickly and substantially increase our Reserve and Resource base, which will see us transition into production when the time is right,” Mr Coxhell said.
“Our exploration activities will have a particular focus on extending the existing Resource and Reserve base at Julius, as well as drilling out a number of high-priority targets including Orelia and the broader Empire District.”
