AuKing Mining Limited (ASX:AKN) Updates Cloncurry Project and Commences $2M Note Raising
Project Developments
AuKing Mining Limited (ASX:AKN) has signed a binding Memorandum of Understanding with Orion Resources Pty Ltd and Tick Hill Mining Pty Ltd to explore the re-commencement of gold production at the Lorena processing plant near Cloncurry. The company has also initiated a private $2M note raising with GBA Capital to support Orion’s acquisition of the Cloncurry Project and to fund project development studies.
Executive Comments
Managing Director Paul Williams stated, “In addition, the private GBA Capital raising provides Orion Resources with important funding for its acquisition and also enables project development studies (including those planned for Tick Hill) to commence. The ‘hub and spoke’ business model that is based on a centralized Lorena processing facility for a range of copper and gold projects in the Cloncurry region is already gaining significant momentum.”
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