Robust to sell stake to accelerate gold, base metal exploration

ASX-listed exploration firm Robust Resources limited said on Tuesday it will raise A$2.53 million funds by selling 15 percent stake to Talbot Group Investment.

The company said the funds will be used to further accelerate its highly prospective gold-silver and base metal project in Romang island, East Nusa Tenggara province.

Shareholders have approved the transaction.

Robust?s Managing Director, Gary Lewis said Talbot will become a major shareholder and strategic partner in Robust. With the $2.534 million raised from this placement, and the recent $1.35 million from the placement to sophisticated investors, Robust now had in excess of $4 million to fund the exploration and development of its Romang Island projects,? he said.

?The capital raised from this transaction will provide Robust with the flexibility to significantly accelerate the exploration of Romang Island. Results received from drilling to date have exceeded the Company?s initial expectations with all 18 drill holes intersecting substantial gold, silver and base metals mineralisation,? Lewis said.

Robust is on track to conclude its 5,000 metre stage one drilling program by December this year. The company plans to have its third rig operating this month and will be looking to extend its drilling program into highly prospective targets in the north of the Island.(alex)