Resources round-up: Connemara Mining, Norseman, Ferrex

20th Jul 2012 14:59

Connemara Mining Company has reached an agreement with Teck Ireland on its Oldcastle Block of licences in Cavan/Meath. Teck can earn a 75% indirect interest in the licences by spending €1.35m by 2018. The initial work programme indicated by Teck includes further soil coverage, seismic surveying and deeper target drilling.Norseman Gold has increased the placing announced on Wednesday to now raised A$25m through the issue of 625m new ordinary shares to institutional investors at an issue price of 4 cents (2.65p) each. The shares are being issued in two stages. The proceeds will be used towards working capital requirements. Ferrex, an iron ore and manganese development company focused in Africa, has raised £1.015m after placing 45.1m shares in the company at 2.25p to both new and existing investors. The funds raised will be used to advance the company's portfolio of iron ore and manganese assets and towards production. The proceeds will also be used to advance the pre-feasibility study on Ferrex's flagship Malelane Iron Ore Project in South Africa. NR