🕐18.09.09 - 15:01 Uhr
U.K. INSTITUTIONS BACK AUSTRALIAS RUSINA
18 September 2009
The Manager
Company Announcements Office
Australian Stock Exchange Limited
Exchange Centre
Level 4, 20 Bridge Street
SYDNEY NSW 2000
VIA: www.asxonline.com
SUBJECT: RUSINA RAISES $5.75M THROUGH PLACEMENT
Please refer to the following announcement regarding a placement made by
Rusina to institutional clients of Mirabaud Securities LLP.
Yours faithfully
Mark Hanlon
Chief Financial Officer &
Company Secretary
issued through
FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311
231 South Road, MILE END SA 5031
Ph: 08 8234 9555 Fax: 08 8234 9566
N E W S
.
R E L E A S E .
Friday 18 September, 2009
U.K.
INSTITUTIONS BACK AUSTRALIAS RUSINA
WITH A$5.75 MILLION FOR NICKEL PROJECT
Institutional investors in the United Kingdom have injected A$5.75 million
in fresh capital to support moves by Australias Rusina Mining Limited (ASX:
"RML", AIM: "RMLA") to develop a nickel-chromite mine in the Philippines.
The cash top-up for Rusina - to clients of Mirabaud Securities LLP -
comprises the issuing of 57,760,800 ordinary shares in the Perth-based
emerging nickel developer, at an issue price of approximately 10 cents (or
5.25 pence) per share.
Under the placement, 36,760,800 of the new ordinary shares have been issued
under the 15% provision rule applying to total issued shares while the
issuing of the remaining 21 million shares will be subject to a vote of
Rusina shareholders at general meeting in Perth on or about 29 October.
The placement, once finalised, will take the total number of Rusina ordinary
shares on issue to 303 million.
Rusina is currently developing the 24,500 tonnes per annum of contained
nickel Acoje nickel laterite heap leach project on Luzon Island in the
Philippines
"Northern hemisphere equities markets understand specialist commodities like
nickel very well.
As we have not made a placement for more than two years,
this current day support from the UK is a great vote of confidence in Acoje
and our strategy to achieve there an eventual transition to full-scale
mining," Rusinas Managing Director, Mr Robert Gregory, said today.
"Significantly, the placement price is at the on-market equity levels
achieved by Rusina only in recent days and which themselves are at their
highest peak for much of 2009," Mr Gregory said.
"So this in our view, is a sophisticated market experienced in nickel
investment, making a decision based around long-term fundamentals, about our
upside as a low-cost nickel supplier from Acoje into the Asian markets."
issued through
FIELD PUBLIC RELATIONS PTY LTD ABN 74 008 222 311
231 South Road, MILE END SA 5031
Ph: 08 8234 9555 Fax: 08 8234 9566
Mr Gregory said proceeds from the UK capital raising would be used primarily
for working capital for Rusina, and any contingencies arising from European
Nickels current 40% farm-in to the Acoje project.
European Nickel has earned to date, a 20% interest in the project under a
broader farm-in commitment to earn a 40% project interest by fully funding
the current US$10 million definitive feasibility study (DFS), including a
trial nickel heap leach operation, at Acoje.
A local Philippines company, Montemina Resources Corporation, is currently
in the process of acquiring a 20% project interest.
The DFS is due for completion in the second half of next year.
China Tianchen Engineering Corporation will shortly commence an expected 8-9
month engineering study on Acoje while all permitting approvals for the full
project development are expected to be granted by the end of 2009.
A total
of 3,000 tonnes of ore will be put through the test schedule.
The projects earlier pre-feasibility study indicated a mining operation was
viable at Acoje using a nickel price of US$6.00/lb - compared to current
spot nickel prices in excess of US$7.50/lb - and for a minimum 10-year mine
life but most likely much longer.
Acoje has a current JORC compliant Inferred and Indicated resource of 50.1
million tonnes grading 1.09% nickel at a cut-off grade of 0.08% Ni.
The proposed mine is being designed around a 3mtpa throughput using the same
technological footprint as European Nickels Caldag mine and heap leach
operation in Turkey which is expected to commence construction shortly..
MEDIA CONTACTS:
Robert Gregory Mark Hanlon Kevin Skinner
Managing Director CFO & Secretary Field Public Relations
Rusina Mining Rusina Mining 08 8234 9555 or
+63 917 513 4970 or 08 9226 1111 0414 822 631
+63 2 815 1656