Kingston raises Misima cash

FOLLOWING its merger with Brisbane-based WCB Resources last year, junior explorer Kingston Resources has moved to top up its treasury so it can afford to drill in and around the former Misima gold mine in Papua New Guinea.

Kingston raises Misima cash Kingston raises Misima cash Kingston raises Misima cash Kingston raises Misima cash Kingston raises Misima cash

The company has just completed an oversubscribed A$4.3 million placement at 2.2c to institutional and sophisticated investors, and it is seeking to raise a further $1 million via a share purchase plan with existing shareholders.

Once closed, Kingston hopes to have more than $7 million to pursue its 2018 drilling programs on Misima Island, where there is a 2.8 million ounce JORC resource, as well as its Livingstone gold project in Western Australia. 

Misima will swallow up the bulk of the funds for re-establishing the on-island presence and logistics support, continuing geochemical surveys, and drilling of priority exploration targets such as Umuna East and Misima North, and for extensional and infill drilling at the known resource.

Kingston managing director Andrew ...