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Dart Mining nets A$1.25M to deep drill Unicorn molybdenum project  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 18/11/2012

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Investors have demonstrated their confidence in Dart’s Unicorn Molybdenum-Copper-Silver Project, committing to a A$1.25M share placement. The project is geologically similar to the world class Henderson mine in Colorado and Dart will test this potential with planned deep drilling.
(MENAFN - ProactiveInvestors - Australia) Dart Mining (ASX: DTM) will bank around A1.25 million following a capital raising to fund deep drilling to test for Henderson (U.S.) style deep high grade Molybdenum repetitions at the Unicorn Project in northeast Victoria.

Importantly, on completion of the share placement, the company will have 3.3 million cash at bank to fund the next stages of exploration and development of the project.

Dart will issue about 15 million shares at 0.083 per share to existing and new shareholders.

The share placement was supported by lead manager Bell Potter Securities.

Lindsay Ward, managing director, commented: "We are gratified with the support shown by investors despite challenging market conditions.

"Increased funding allows for deep drilling down to around 1200 metres to test for Henderson (USA) style deep high grade Molybdenum repetitions.

"It will also provide further funding for an accelerated pre-feasibility metallurgical and geotechnical drilling. Significantly, this funding allows our project to be further advanced."

The capital raising will be completed in two tranches, the first immediately and the second tranche of 500,000 due in mid-December.


Similarities to world class mine

Dart has discovered a new mineralised porphyry province in northeast Victoria, which hosts Molybdenum, copper, silver, zinc, tin and gold mineralisation in porphyry igneous intrusions.

The Unicorn project, which is Dart's principal project, is a Molybdenum-copper-silver Climax style porphyry that has similar geological characteristics to the world class Henderson primary Molybdenum porphyry mine in Colorado, U.S.

Freeport-McMoRan Copper & Gold's Henderson mine is North America's largest producer of primary Molybdenum. 2007 production was 40 million pounds of Molybdenum, with a value of 1.1 billion.

Unicorn has a number of unique characteristics with its high grade zones from surface and the deposit outcrops.

Currently the Measured, Indicated and Inferred Resource is 203 million tonnes at 0.06% Molybdenum equivalent, at 0.04% Molybdenum equivalent cut off, with the potential for delineating additional resources.


Analysis

Raising A1.25 million in today's market is a substantial effort on Dart Mining's part, and demonstrates the confidence shareholders have in the company's Molybdenum project.

This bolsters Dart's cash position to 3.3 million to fund the next stages of exploration and development of the project.

The company has a clear focus and pathway to progress Unicorn to production having recently completed a Scoping Study, which indicated the potential for the project to become a viable, long mine life operation.

Importantly, demand for Molybdenum is forecast to remain strong and continue to grow at between 4% and 6% per year with prices to recover to US18.50 per pound by 2016 when Unicorn is planned to move into full production.

Unicorn's low forecast operating cash cost is a significant advantage with the project being cash flow positive at a US8 per pound, Molybdenum price, (net of credits).

The low cash cost of US3.58/lb (net of credits) places the project in the lowest cost quartile.

Dart has a market cap. of around A16.5 million and, with cash in hand of 3.3 million on completion of the share placement, has an enterprise value of 13.2 million. On an EV/Resource Unicorn is valued at just 0.065.

 






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