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Landore Resources Limited is an AIM listed holding company for its 100% owned reporting subsidiary Landore Resources Canada Inc. Landore Canada is engaged in mineral exploration and development, with the present focus of its operations being mineral exploration in Ontario, Quebec and New Brunswick, Canada. Landore Canada’s principal properties are the “Junior Lake Property” and the “Miminiska Lake Property”, both located in the Thunder Bay Mining District, Ontario, Canada. Landore Canada is also the owner of other properties in Canada and Nevada in the US containing gold and base metal drill intersections. The Group’s objective is to become a successful mineral explorer and create capital growth for Shareholders through the discovery of economic mineral deposits.
Landore Resources unveils £1.75 mln share subscription; chairman ups stake
Landore Resources (LON:LND) is set for a £1.75 million cash boost after it agreed a share subscription.
It is issuing 11.6 million shares priced at 15 pence each. The new funds have been earmarked for exploration and drilling work on the B4-8 nickel zone, which is part of the Junior Lake project in Ontario, Canada.
Chairman William Humphries took part in the funding. He subscribed for 665,000 new shares, taking his total holding to 20.3 million shares, about 7.82 percent of the enlarged share capital.
The Canadian mine developer flagged its intention to raise additional capital in last month’s full year results, which were in-line with expectations.
In May Landore said it had made excellent progress on its Junior Lake iron and nickel projects in 2010.
"The group has no debt but will need to raise further equity to carry out its development programme," said chairman William Humphries.
The group’s main properties are the Junior Lake and the Miminiska Lake Property - in the Thunder Bay mining district in Ontario.
Junior Lake is 100 percent owned by Landore and plays host to the Lamaune iron deposit, the Lamaune gold prospect, the VW Nickel deposit, the B4-7 Nickel-Copper deposit, and numerous other highly prospective mineral occurrences.
At Junior Lake in 2011, the firm intends to carry out a 30,000 metre in-fill drilling campaign on the 4.5km central section of the Lamaune Iron deposit to advance it to NI43-101 standard. An airborne geophysical survey over the newly acquired Summit Lake Iron deposit will be completed during Q3 2011, said Landore.
At the Lamaune Gold prospect on the Junior Lake property - discovered in 2008 near the Lamaune iron deposit - Landore plans extension drilling in conjunction with infill drilling on the Lamaune Iron deposit - beginning in Q4 2011.
In regard to the Junior Lake nickel deposits, where the company is exploring the VW and B4-7 deposits, Landore has the aim of developing their reserves in parallel - subject to favourable mining economic studies.
