Completion of Fundraising

RNS Number : 9146K

Pathfinder Minerals PLC

22 July 2011

 



For immediate release: 22 July 2011

Pathfinder Minerals Plc

("Pathfinder Minerals" or the "Company")

Completion of Fundraising

&

Holdings in Company

Pathfinder Minerals, the natural resources company with licences to mine heavy minerals sands in Mozambique, announces that, pursuant to the notification issued on 18 July 2011, the proposed subscription at 5 pence per share to raise gross proceeds of £11,000,000 has been completed and the new shares were today admitted to AIM.

Consequently there are now 1,037,167,230 Ordinary Shares in issue. The Company is aware of the following interests of 3 per cent. or more in the Company's enlarged issued share capital:

Shareholder	Percentage of enlarged issued share capital
John McKeon (Director)	11.69%
Tim Baldwin	11.10%
JV Consultores (Jacinto Veloso - Director)	10.62%
JP Morgan Asset Management	9.64%
Nick Trew (Director)	8.71%
Gordon Dickie (Director)	8.66%
Diogo Cavaco	8.50%
Genesis Investment Management	8.29%

Enquiries:

Pathfinder Minerals Plc

Nick Trew, Chief Executive

Tel. [phone]

Daniel Stewart & Company Plc

Oliver Rigby or James Thomas

Tel: [phone]

M: Communications

Ben Simons or Maria Souvorov

Tel: [phone] /2327

Notes to Editors

About Pathfinder Minerals

Pathfinder Minerals, through a wholly owned subsidiary, has mining concessions covering approximately 32,000 hectares of land on the Indian Ocean coast of the Zambezia province of Mozambique, known to contain the heavy minerals, ilmenite, rutile and zircon.

The licences, known as Naburi and Moebase and formerly held by BHP Billiton, are over land located near the Indian Ocean coast of Mozambique. Historical reported mineral resources on the assets are estimated at 2.02 billion tonnes with a 3.55% total heavy mineral content, which is equivalent to approximately 71.7 million tonnes of contained heavy minerals. Confirmatory drilling and metallurgical test work will be required to upgrade the classification of the mineral resources.

Exploration work conducted on the licences from the mid-1980s through to 2002 has identified significant mineralisation. Bulk sampling and metallurgical test work conducted in support of prefeasibility and feasibility studies in the mid-1990s indicates that valuable heavy minerals can be recovered using conventional dredge mining, wet concentration and dry mineral separation processes.

The Company is undertaking a detailed feasibility study with a view to developing a mine for commercial extraction.

Heavy Minerals Sands

The more valuable components of a heavy mineral sands deposit include the titanium oxide minerals ilmenite and rutile, and in addition, zircon.  Ilmenite and rutile are used to produce titanium dioxide pigment used in the production of paint, paper, plastic, textiles, rubber and pharmaceutical products. Zircons are commercially mined for the metal zirconium and are used for abrasive and insulating purposes.

 

END

 

 

MSCLLFELDAIFFIL