Cyprium Metals Limited (ASX:CYM) has closed an Entitlement Offer to raise proceeds of approximately A$2 million.
The Placement and Entitlement Offer proceeds are being applied as part of the funding strategy to finance the restart of the Nifty Copper Project and for general working capital purposes.
“Cyprium has made significant advances in relation to the restart of the Nifty Copper Project, including increasing the mineral resource estimate to extend its mine life, refurbishment of the SX-EW and other infrastructure, government approvals and metallurgical optimisation. Cyprium continues to work with financiers to advance our senior and offtake debt funding package to implement our construction plans and produce copper metal plate on site in the second half of 2023,” company management stated.
Cyprium Metals has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation.
Paterson Copper Projects
This portfolio of copper projects comprises the Nifty Copper Mine, Maroochydore Copper Project and Paterson Exploration Project. The Nifty Copper Mine is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 330km southeast of Port Hedland. Nifty contains a 2012 JORC Mineral Resource of 940,200 tonnes of contained copper.
Cyprium is focussed on a heap leach SX-EW operation to retreat the current heap leach pads as well as open pit oxide and transitional material. Studies will investigate the potential restart of the copper concentrator to treat open pit sulphide material.
For further information please visit: https://cypriummetals.com/