Perth-based explorer Buxton Resources (ASX: BUX) has requested a trading halt pending release of an announcement about a capital raising.
The halt will last until an announcement is made or commencement of trading on Tuesday 11th January 2011.
In November 2010 assays from reverse circulation drilling confirmed a significant iron discovery at the Buxton's Zanthus Project, located 230km east of Kalgoorlie in Western Australia.
Importantly, Zanthus is strategically located 25km south of the trans-Australian rail line that connects to the port of Esperance, allowing the potential for early cash flows from an open pit mine.