Ramelius Resources (ASX: RMS) has been granted a trading halt by the ASX pending the release of an announcement about a capital raising.
The company expects to make an announcement on or before the commencement of trading on Monday 7 November, 2011.
Ramelius recently announced mining is well underway at its Mt Magnet gold project in Western Australia and production remains on track to begin in January next year. Mining began in early September, with the first blast of waste material occurring on September 23.
At the start of September, Ramelius said mineral resources at Mt Magnet were estimated to be 41.86 million tonnes at 2.2 grams per tonne (g/t) of gold for 2.96 million ounces of gold.
Ore reserves were estimated to be 9.35 million tonnes at 1.8g/t gold for 545,000 ounces gold. The ore reserves were estimated from open pit optimisations using gold prices of between A$1150 and A$1300 per ounce.
Refurbishment works on the treatment plant are ongoing and are due for completion in November 2011.