Mining Group has raised USD 2.5 million from its partially underwritten pro rata renounceable entitlement issue which will allow the company to follow up on recent exploration success at its Comval copper and gold project in the Philippines located on the highly prospective Philippines Fault Zone host to numerous large scale copper and gold porphyries.

Mining Group has grown its cash reserves by USD 2.5 million following the issue of the shortfall of shares under its recent partially underwritten pro rata renounceable entitlement issue. The funds raised will go towards advancing exploration at the company’s prospective Comval copper and gold project in the Philippines located on the highly prospective Philippines Fault Zone host to numerous large scale copper and gold porphyries.

Mr Zeffron Reeves MD of Mining Group said that “It is pleasing to see the level of support received from existing shareholders as well as the support from Patersons Securities Limited and Cygnet Capital Private Limited in underwriting the raising. I'd like to take the opportunity to thank our shareholders for the positive response to this raising. Recent work has shown us that the Comval Project is shaping up to be prospective for not only copper and gold skarns that have historically been mined but also for large scale copper porphyry mineralization and high grade epithermal gold. We are on schedule to deliver a maiden JORC Resource by late October and plan to carry out an initial drill program over some of our gold targets in the coming months; funds from the entitlement issue will be used to do this.”

Source - Proactive Investors

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