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INTERCEPTS Thu 17/04/2014

Cullen gets some West Pilbara funding

16th Mar 2012

PERTH, Mar 16 – Cullen Resources says the proceeds of a $A2.1M placement to sophisticated and professional Section 708 investors will help meet the costs of its 30% share of the West Pilbara iron ore project in Western Australia.

Cullen says the mining feasibility study for the Catho Well deposit at the Stage 1 Mt Stuart Iron Ore Joint Venture, due in the current quarter, is likely to lead to a mining decision by the JV participants.

The company will also apply funds to drill-testing of targets at its North Tuckabianna copper and gold project near Cue, WA; testing for coal near Hughenden in Queensland; and progress its 30% interest earn at the TL molybdenum and rhenium property in British Columbia, Canada.

The placement of 70M shares at 3c managed by Bell Potter Securities represents about 11.2% of issued capital.

 

HighGrade

Also in the March 14 - 20, 2012 edition

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