Last checked at 5 Oct 2009 09:38
5 October 2009 Kryso Resources plc (`Kryso' or `the Company') Placing Raising 500,000 through Fox-Davies Capital
Kryso Resources plc (AIM: KYS), the gold exploration and development company that is advancing its Pakrut gold project in Tajikistan through a bankable feasibility study (BFS), is pleased to announce that it has arranged a placing to raise 500,000 before costs through its co-broker Fox-Davies Capital at a price of 5.5p per share.
- Placing to improve Kryso's working capital position, particularly following the planned completion of the Pakrut project bankable feasibility study (BFS) later in the year.
- Updated JORC Code-compliant resource estimate for the Pakrut project expected to be available shortly, and additional Pakrut drill results pending.
Application will be made for 9,090,909 million new ordinary shares to be admitted to trading on AIM in connection with this announcement, with admission expected on 9 October 2009.
Trevor Davenport, Non-Executive Chairman and acting Managing Director of Kryso, comments:
`This placing will provide Kryso with working capital beyond the completion of the Pakrut project BFS, which is expected before the end of the year, and I am pleased that we have been able to conclude the placing on improved terms relative to previous placings carried out by the Company during 2009.'
About the Pakrut Gold Project
The Pakrut gold project, of which Kryso has 100% ownership, is situated in western Tajikistan approximately 112 km northeast of the capital city Dushanbe.
Pakrut has total JORC Code-compliant gold resources of 1,984,272 oz Au (assuming a cut-off grade of 0.5g/t Au) and is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and western China and which hosts a number of multi-million ounce gold deposits.
Drilling at Pakrut has previously returned numerous exciting intersections, including 123.7m at 6.14g/t Au, 42m at 11.17g/t Au and 50m at 5.67g/t Au.
A bankable feasibility study for the Pakrut project is currently being undertaken by the Beijing General Research Institute for Mining & Metallurgy. The bankable feasibility study is scheduled for completion before the end of 2009 and is targeting a mining operation producing in excess of 100,000oz Au per annum with cash costs of approximately US$300/oz Au.
About Tajikistan
Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States (CIS) and the Shanghai Cooperation Organisation. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminium smelter in Central Asia. Kryso's management team has extensive experience in the mining industry in Tajikistan.
For further information please visit the Company's website (www.kryso.com) or contact:
Dr. Trevor Davenport/Craig Brown, Kryso Resources plc
Tel: +44 (0) 20 7371 0600
Brett Miller, Astaire Securities plc
Tel: +44 (0) 20 7448 4498
Christian Dennis, Orbis Equity Partners Ltd
Tel: +44 (0) 20 3137 1902
Jason Bahnsen, Fox-Davies Capital Ltd
Tel: +44 (0) 20 7936 5200
vendor