Kingston Resources Secures $12.9 Million for Mineral Hill Project Expansion
Kingston Resources has raised $12.9 million to enhance the Mineral Hill project, including a $4.4 million placement and an $8.5 million entitlement offer. This funding will support a 25,000-meter drilling program and plant expansion studies, crucial for the project's long-term viability.
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Kingston Resources has secured $12.9 million through a $4.4 million placement and an $8.5 million entitlement offer at $0.035 per share. The funds will be allocated for a multi-rig, 25,000-meter drilling program at the Mineral Hill gold and copper project in New South Wales, where open-pit mining has ceased.
The company is focusing on resource upgrading and expansion, aiming to extend the life-of-mine and support potential operational restarts. Kingston's processing facility can currently handle 350,000 tons per year and has permits for up to 700,000 tons per year. Following this capital raise, Kingston will have $32 million in cash, bolstered by a $10 million payment from the Misima gold project sale.
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