Orogen Gold raises £1.12m for its gold drilling project

10th Sep 2014 09:17

Orogen Gold, a gold exploration company, rose £1.12m before costs for its drilling project at Mutsk in Armenia.The company placed 1.02bn new shares with existing and new investors at 0.11p each, which represents 29.92% of Orogen’s capital.The Mutsk project has recently discovered zones of gold mineralisation and it is expected to terminate in 2016.Chief executive Ed Slowey said: “The strong drilling results reported earlier this week from the Mutsk project, including wide intervals of gold mineralisation, are very encouraging.“It is clear at this stage that the project warrants a further drilling programme both to explore the limits of the mineralisation and to undertake infill drilling that can define a maiden resource.“This new funding can help bring us towards this goal and we will work actively towards these twin aims over the coming weeks and months."Shares at Orogen Gold dropped 21.42% to 0.122p on Wednesday at 09:35.