(MENAFN- ProactiveInvestors - Australia) Northern Mining (ASX: NMI) has been granted a trading halt this morning pending the release of a proposed capital raising, with the company's shares placed in pre-open.
Northern Mining has not yet indicated where the potential inflow of funds will be allocated, but the company has recently been focusing on the East Kalgoorlie Project.
The project comprises 35 licences and 1 licence application ((comprising 19 licences (JV NMI 76%, Balagundi Gold 24%), 14 licences and 1 licence application (NMI 100%).
During the June 2012 quarter - Northern Mining conducted a three hole reverse circulation program at the Snake Hill Prospect, to test beneath gold anomalism identified in rotary-air-blast holes which previously intersected; 28 metres at 0.83g/t gold from 52 metres; 32 metres at 0.42g/t gold from 64 metres; and 16 metres at 0.42g/t gold from 76 metres.
The new holes intersected fresh rock significantly deeper than anticipated.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 17th September.
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