Australia-based exploration company De Grey Mining has raised $484,868 through share placement to fund its exploration programs at its mine in Argentina and New Zealand.
In addition, it has also provided its shareholders with a renounceable entitlement offer to raise upto $1.85m.
With these funds, the company is set to commence drilling of two zones of epithermal gold-silver mineralization, besides continuing exploration programs on its 3,255km2 of ground holdings in Santa Cruz province in Argentina.
Also, De Grey is planning for initial drill program scheduled for April 2013- May 2013 to test the first of drill targets at SM6 and Vein Breccia Zone (VBZ) that require deeper and further drilling. It will be completed by November 2013, the company added.
By May 2013, it expects to conclude initial drill program at recently acquired Puhipuhi project in the Northland region of New Zealand.
Commenting on the developments, De Grey executive chairman Peter Batten said that the company is fortunate to have drill ready targets that we have at three of our most advanced projects.
"These projects represent the first prospects highlighted from committed ground exploration and the drilling of specific targets highlights an exciting phase in the continuing process of project exploration, delineation and development," added Batten.