LONDON (Thomson Financial) - Target Resources Plc. said it is confident it
will be able to increase operations and added it is on track to deliver on its
mining plan and maximise the full potential of its leases.
The Sierra Leone-focused diamond and gold miner also said it has negotiated
a total $3 million in additional financing with its marketing partner
Tiffany-owned Laurelton Diamonds Inc. and a Laurelton affiliate and that it will
use these funds to commence exploration on new licences in the northern and
eastern provinces, and for ongoing working capital purposes.
Under the terms of the additional funding plans, the affiliate will acquire
about 3.35 million shares in Target at 15 pence each, while Laurelton will
provide a short-term facility of $2 million.
The company also said it has extracted just under 500 carats, including two
large diamonds, from its pitting and sampling program, during the last four
months. Part of this quantity has already been delivered to Laurelton Diamonds,
it said.
TFN.newsdesk@thomson.com
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