Elementos is now set to advance exploration activities in Tasmania, with a placement to strategic investors priced at $0.02, which will raise $1.3 million.
The funds will be allocated to the Cleveland tin-copper and tungsten projects, which includes the environmental permitting process which is scheduled to be completed in December 2013 for the mine de-watering and tailings retreatment project.
The placement will also allow for the Pre-Feasibility Study to redevelop the underground tin-copper mine, and acquisition payments for the remaining 50% interest in the Cleveland project exploration license.
The Cleveland project area covers the northern margins and metamorphic aureole of the Meredith Granite, which is part of a suite of Devonian granites which are associated with numerous world class tin deposits in the province.
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