ENP Newswire - 02 July 2014
Release date- 01072014 - Crusader Resources Limited is pleased to advise that tranche 1 of the placement to the International Finance Corporation has been completed.
The Company raised $3.277M under tranche 1, issuing 11,300,000 fully paid ordinary shares and 5,650,000 unlisted options (exercisable at $0.41 each, expiring on 30 June 2018).
Tranche 2 of the placement (2,493,100 fully paid ordinary shares and 1,246,550 unlisted options (exercisable at $0.41 each, expiring in 4 years) is expected to be completed in early August following a General Meeting of Shareholders to approve the placement.
Crusader Resources Limited
Mr. Rob Smakman
Mobile: +55 83 8881 8608
Mr. Paul Stephen
Tel: +61 8 9320 7500
Mr. Ian Howarth
Mobile: +61 407 822 319
Crusader Resources Limited (ASX: CAS) is a minerals exploration and mining company listed on the Australian Securities Exchange. Its major focus is Brazil; a country Crusader believes is vastly underexplored and which offers high potential for the discovery of world class mineral deposits.
Crusader has three key assets:
1. Posse Iron Ore Mine - Operating iron ore mine in Minas Gerais state, south-eastern Brazil. Producing high-quality iron ore for consumption in the Brazilian domestic iron industry.
2. Borborema Gold Development Project in north-eastern Brazil, containing 2.43Moz Au in JORC resources and 4,500 km2 of exploration tenements in the Serido Belt.
3. Juruena Gold Exploration Project - 50km of strike over the Juruena-Alta Floresta Gold Belt. Crusader is focused on several high-grade gold targets which could yield an economically developable mine.
The Posse Iron Ore Mine is located 30km from Belo Horizonte, a city acknowledged as the mining capital of Brazil and the capital of Minas Gerais state. The project has an indicated and inferred Mineral Resource estimate of 36Mt @ 43.5% Fe.
Posse is currently selling DSO into the domestic market and has been cash flow positive since the July 2013.
With an experienced mining workforce amongst a population of over 2.3 million people, the infrastructure and access to the domestic steel market around the Posse Project is excellent. Drilling and expansion studies are currently underway.
The Borborema Gold Project is in the Serido area of the Borborema province in north-eastern Brazil. It is 100% owned by Crusader and consists of three mining leases covering a total area of 29 km-2 including freehold title over the main prospect area.
The Borborema Gold Project benefits from a favourable taxation regime, existing on-site facilities and excellent infrastructure such as buildings, grid power, water, sealed roads and is close to major cities and regional centres. The project's Maiden Ore Reserve was announced in November 2012. Proven and Probable Ore Reserves of 1.61Moz of mineable gold from 42.4Mt @ 1.18g/t (0.4 & 0.5g/t cut-offs for oxide & fresh). The measured, indicated and inferred Mineral Resource Estimate of 2.43Moz @ 1.10g/t gold, remains open in all directions.
A Pre-Feasibility Study (PFS), completed in September 2011, into the economic and technical merits of the Borborema Gold Project, revealed a robust investment case based on an open cut mine development of 3Mtpa. A Bankable Feasibility Study is underway.
The Juruena Gold Project represents an exciting exploration opportunity, with multiple high-grade targets, within giant gold in-soil anomalies. The project is located in the highly prospective Juruena-Alta Floresta Gold Belt, which stretches east-west for >400km and has historically produced more than 7Moz of gold from 40 known gold deposits.
The Juruena Project has been worked extensively by artisanal miners (garimpeiros) since the 1980s, producing ~500koz in that time. Historically there is a database of more than 30,000 meters of drilling and extensive geological data. Crusader acquired the project in mid-2014 and is fully funded to complete a drilling program capable of defining a maiden resource.