REG - Great Western Mining - Placing and Retail Offer

Great Western MiningAnnouncement

26/11/2024 07:00

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RNS Number : 5930N  Great Western Mining Corp. plc  26 November 2024

GREAT WESTERN MINING CORPORATION PLC

("Great Western", "GWM" or the "Company")

 

PLACING OF NEW SHARES

RETAIL OFFER

 

Great Western Mining Corporation PLC (AIM - GWMO, Euronext Growth - 8GW),
which is exploring and developing gold, silver and copper targets in the
Walker Lane belt of Nevada, USA, announces a placing to raise gross proceeds
before expenses of £300,000 through the issue of 1,818,181,818 New Ordinary
Shares of €0.0001 each (the "Placing Shares") at a price of 0.0165 pence
each (the "Placing").  CMC Markets UK PLC, trading as CMC CapX, acted as the
Company's placing agent in respect of the Placing.

 

In addition to the Placing, the Company also intends to offer its existing
shareholders a "Retail Offer" of new Ordinary Shares at the same Issue Price
as the Placing (the "Retail Offer Shares" and together with the Placing Shares
the "Fundraising Shares").

 

The Company will release a separate announcement regarding the Retail Offer
and its terms. For avoidance of doubt, the Placing is separate from and is not
conditional on the Retail Offer.

 

USE OF PROCEEDS

 

Great Western will use the proceeds from the Fundraising Shares for some or
all of the following:

 

·    Complete commissioning of process mill for pilot production

·    Create optimum drill programme for West Huntoon copper porphyry

·    Analyse and report on 751 soil and grab samples taken over six
prospects during 2024 field season (TUN, W Huntoon, M2 NE extension, M5 NE
extension, Smith Mine and Rock House)

·    Pursue tungsten opportunities in the Black Mountain claims group in
the vicinity of two historic mines

·    General corporate purposes

 

Great Western Chairman Brian Hall commented:  "We have a busy programme of
exploration and development and are making good progress on all fronts.  The
West Huntoon copper porphyry project is now effectively drill ready and we are
anticipating pilot production of gold and silver concentrates at the Western
Milling joint venture in the near future.  We are also looking at other
promising mineral opportunities on and around our claims.  This Placing will
enable us to continue our efforts effectively and we are taking the
opportunity to make new shares available to existing shareholders through a
Retail Offer which will shortly be announced".

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION IN RELATION TO GREAT WESTERN
MINING CORPORATION PLC.

 

For further information:

 

 Great Western Mining Corporation PLC
 Brian Hall,                                                                                                              +44 207 933 8780
 Chairman
 Max Williams, Finance                                                                                                    +44 207 933 8780
 Director

 Davy (NOMAD, Euronext Growth Listing Sponsor & Joint Broker)

 Brian Garrahy                                                                                                            +353 1 679 6363

 SP Angel Corporate Finance LLP (Joint Broker)

 Ewan Leggat/Adam Cowl                                                                                                    +44 203 470 0470

 Walbrook PR (PR advisers)

 Nick                                                                                                                     +44 207 933 8783
 Rome

 

Notes to Editors

The Company has a large tract of acreage in Mineral County, Nevada. The area
consists of rugged, mountainous terrain, which means that large parts of it
remain under-explored. Mineral potential is hosted by the regional Walker Lane
Structural Belt, the largest structural and metallogenic belt in Nevada, yet
one of the least explored in recent times, with gold, silver and copper
currently produced in Mineral County.  Great Western has seven distinct
concession areas which offer the potential for exploiting (1) short term gold
and silver deposits and (2) long-term, world-class copper deposits.

 

Six of the Company's properties are in the west of Mineral County and the
seventh and most recent acquisition, the Olympic Gold Project, is in the east
of the county, some 50 miles from the main group.  All the Company's claims
are 100% owned. Claims at the Eastside Mine Group have been contributed to a
pooling agreement with Bronco Creek Exploration, Inc. and in addition the
Company participates in the Huntoon Mine Area Cooperation Agreement with
landowner-neighbour Crowne Point Resources with whom it shares resources.
Great Western's small exploration team is supported by locally based
consultants and contractors.

The state of Nevada is one of the world's most mining friendly
jurisdictions.  While tightly regulated and environmentally conscious, Nevada
welcomes the mining industry.  Great Western takes care to ensure that its
claims are maintained in good standing and all regulations observed.

 

There are numerous gold and silver prospects on the Company's acreage,
including extensive historic mine workings which offer the opportunity for
secondary recovery. The Company is party to a 50-50 joint venture known as
Western Milling LLC which is constructing a mill to process pre-mined material
for secondary recovery of gold and silver.

 

Furthermore, through extensive drilling over a five-year period, GWM has
established a Mineral Resource on its first target area known as M2, of 4.3
million tonnes at 0.45% copper, for 19,000 tonnes of contained copper metal.
This resource has been independently reported in accordance with JORC
guidelines.

GWM has also established an Inferred Resource Estimate of 31,000 tonnes
grading 1.6 g/t gold and 3.0 g/t silver in tailings associated with the OMCO
Mine at the Olympic Gold Project.  Additionally, exploration targets have
been independently reported as follows:

 

·    3,400 - 6,400 tonnes grading between 0.5 and 1.2 g/t Au and 1.2 and
2.1 g/t Ag in the substrate beneath the tailings volume at the Olympic Mine.

·    9,000 - 12,000 tonnes grading between 0.9 and 2.4 g/t Au and 2.0 and
5.1 g/t Ag in a coarse stockpile at Olympic Mine.

·    4,200 - 7,700 tonnes grading between 40 and 140 g/t Ag and 0.3 and
0.3 g/t Au in spoil heaps at Mineral Jackpot.

 

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