Condoto Platinum to start hunt for gold and platinum in Colombia

Perth based Condoto Platinum (ASX:CPD) received strong institutional support in its successful A$4.2 million share placement to fund the exploration and bulk sample testing of its Condoto gold and platinum project in Colombia.

The placement – managed by Veritas Securities – of more than 5.95 million shares price at A$0.70 each received strong support new and existing Australian and international intuitional and sophisticated investors.

The shares represent the maximum Condoto can issue without shareholder approval.

Condoto said the exploration and bulk sampling work will allow it to assess and potentially develop the alluvial fields, which stretch out over 270 square kilometres.

Funds from the placement will also be used to locate the prospective hard rock source of platinum and gold in the Condoto area.

The company has also granted some directors 1.5 million options subject to shareholder approval and has returned to trading on the ASX.

The Condoto area has a history of platinum and gold production dating back to the 17th Century.

It is located about 80 kilometres east of the Pacific Ocean and 200 kilometres southwest of the city of Medellin.

The project is accessible via an airport in Condoto or by road from Medellin though access within the project area is restricted to poor quality local roads or by boat through the rivers and tributaries in the region.

Condoto had in the last quarter completed its base camp in the township of Novita and established a good working relationship with the locals. – BullionStreet

Tags: Condoto Platinum, platinum, platinum price, platinum prices

Posted by admin on Feb 6 2012. Filed under Platinum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry