Discovery Metals (ASX: DML) is in the process of raising $13.1 million to progress the Boseto Copper Project in Botswana.
In a statement, the company announced it has placed a total of 29.1M shares at AUD$0.45 each to raise AUD$13.1 million to institutions and sophisticated investors
The funds raised will be primarily applied towards the completion of the Bankable Feasibility Study at the Boseto Copper Project.
Earlier this week, Discovery announced it had upgraded its Mineral Resource Estimate by 40 per cent at the Zeta prospect within the Boseto project.
Discovery Metals’ Boseto Copper Project (100% owned) is located in north-west Botswana, approximately 80 km south-west of the town of Maun, within the district of Ngamiland.
A seven tenement package was granted to Discovery Metals in September 2005 and fieldwork on this tenement package commenced in October 2005.
The total Mineral Resource for the Boseto Copper Project is at a cut off of 0.6% Cu is: 60.4 Mt @ 1.4% Cu and 19.5 g/t Ag containing 846 kt copper metal and 38 Moz silver.
Discovery Metals managing director Brad Sampson said it was very pleasing to receive continued support from investors and strong recognition for the economic strength of the Boseto Copper Project.
“Our continued positive news flow during October, including the Boseto Copper Project Bankable Feasibility Study
Economics Update, the Dikoloti Project Joint Venture and Upgrade of the Copper-Silver resource at our Zeta Prospect, is evidence of our continued progress and commitment to completing our projects in Botswana,” Mr Sampson said.
“We are now well placed to complete the Bankable Feasibility Study in March 2010 and progress to the funding and project stage of the Boseto Copper Project.”