Britain’s Pathfinder Minerals to invest revenue from share issue in heavy sands prospecting in Mozambique

20 July 2011

London, United Kingdom, 20 July – British company Pathfinder Minerals said Tuesday it had netted 11 million pounds from a shares issue that would e invested in a project to explore a heavy sands deposit in Mozambique.

According to the company’s statement the entire revenue from the sale of 220 million new ordinary shares would be invested, over the next 18 months, in an economic feasibility study and a detailed engineering survey.

The exploration license owned by Pathfinder Minerals, which is listed on the alternative investment market (AIM) of the London Stock Exchange, is located 50 kilometres south of the Moma mine in Mozambique’s Nampula province, which is currently being mined by Irish company Kenmare Resources.

Pathfinder’s license was previously held by the BHP Billiton group, which invested around US$29 million in geological and metallurgical surveys as well as construction of a camp, roads, bridges and an airstrip. (macauhub)