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Aphrodite Gold raises $900,000 through Asian and Australian investors

Last updated: 21:40 14 Nov 2011 GMT, First published: 22:40 14 Nov 2011 GMT

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Aphrodite Gold (ASX: AQQ) has received strong support from the local and Asian markets with a successful placement made to sophisticated investors in Australia and Asia through Singapore based Phillip Securities Pte Ltd and Intersuisse.

Initially the group has placed 10 million shares at $0.09 to raise $900,000 under the company's placement capacity. 10 million December 2013 options with an exercise price of $0.20 were also issued.

Providing a potentially much bigger funding injection, Aphrodite will seek shareholder approval later this month at the AGM, to place a further 50 million shares and 50 million options. If granted, Phillip Capital will also manage the placement of these securities.

Warren Staude, chairman of Aphrodite, “We are extremely pleased with the appointment of the Phillip Capital/Intersuisse Group to manage our capital markets activity.

"This teams us with a powerful working partner holding outstanding connections, particularly throughout the entire Asian region where Aphrodite is seeking to establish a much increased presence.”

The new funds will be allocated to the company's very promising Aphrodite Gold Project near Kalgoorlie in Western Australia, where a Scoping Study is currently well underway, which potentially will be followed by a Production Feasibility Study to be completed in 2012.


Aphrodite intersects 77m at 4.07g/t gold

No doubt driving the investor support for Aphrodite is the string of positive announcements made by the company.

Just last month drill results included 77 metres at 4.07 grams per tonne (g/t) gold from 139 metres, the highest grade and longest gold intersections reported to date.

Other recent broad highlights include 24 metres at 4.23g/t gold from 209 metres, and 36 metres at 2.52g/t gold from 185 metres, including 2 metres at 10.94g/t gold.

The project currently hosts a resource of 10.06 million tonnes at 3.19g/t gold for 1.03 million ounces. This is comprised of an Indicated 3.67 million tonnes at 3.83g/t gold for 451,000 ounces and an Inferred 6.39 million tonnes at 2.83g/t gold for 582,000 ounces.

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