Ramelius Resources (ASX: RMS) is preparing to update the market on a capital raising and has been granted an ASX trading halt.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 13th September 2013.
The company expects production from its Mt Magnet Gold Mine in Western Australia to increase in the quarter ending 31 December 2013 to between 21,000 ounces and 23,000 ounces of gold.
This compares to estimated 18,000 ounces to be produced in the current quarter.
Ramelius is also planning for exploration and resource drilling at the Vivien gold project to increase confidence in the current resource, gather geotechnical information, metallurgical samples and test for extensions of the high grade lode at depth.
Vivien has a number of the same characteristics as the Company’s former Wattle Dam gold mine, in that it has high grade, a significant coarse gold component and does not require the capital associated with building a new processing plant.
The company has also started mining at the Coogee project with first ore expected to be mined in October with milling commencing in November 2013.
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