Indo Mines raises funds to finance Jogjakarta ironsands project

ASX-listed miner Indo Mines Limited announced on Thursday it would raise A$4.8 million through private placement of 10 million ordinary shares to institutional investors.

The company said funds raised would be used for the continued development of Jogjakarta Ironsands Project in Central Java and to provide working capital.

?We are expecting results from the scoping study in the coming weeks, which combine with the placement, will allow us to move with substantial momentum into completing a bankable feasibility said,? Managing Director Phil Welten said in a report.

The Scoping Study follows on form the completion of JORC-compliant resource estimate in 2006, where the company reported global resources of 605 million tonnes of magnetite bearing sediment grading 10.8% Fe, which equates to an equivalent contained iron of 65 million tonnes.(alex)