New Talisman Gold Mines grows cash position by A$1.2M 

(MENAFN - ProactiveInvestors - Australia) New Talisman Gold Mines (ASX: NLT) has today issued 93.5 million shares at A0.01 each raising more than 935,000 under its recent one for three renounceable rights issue.

The offer, which included an attaching five year option, was fully underwritten by Canaccord Genuity (Australia) and in total has raised 1.2 million.

New Talisman also issued 93.5 million attaching options, which can be converted to fully paid shares until 28 November 2017 on payment of the exercise price of 0.02.

The funds raised will be used to advance the Talisman Gold Project in New Zealand through pre-feasibility, including a project development study.

New Talisman has completed a review of the Scoping Study undertaken by Mining One on the Talisman Project and has begun a Pre-Feasibility Study.

The concept for the Talisman mine is that of a small-scale, high grade underground operation, using innovative technology where possible, with mining rates to be established at completion of the Pre-Feasibility Study.

Recovery of existing stope-fill of moderate grade from the old workings appears likely, which will provide for early mine production.

Completion of the Pre-Feasibility Study is slated for the end of March 2013.

Significantly, approaches have been received from a number of potential investor groups from China and Australia and a recent site visit conducted. Discussions are progressing with these parties.