AUSTRALIA Minerals and Mining says it will use funds from its planned share placement capital raising program to invest in mining equipment.
Chairman Luke Atkins says around a quarter of investor funds will be put towards evaluation and exploration purposes, which the company hopes will enable it to then establish iron ore, gypsum and mineral sands projects as direct shipping operations.
In addition, the company would be seeking to develop a gold project as a possible joint-venture.
Australia Minerals and Mining currently holds five projects which span across WA through places including the Pilbara, east Augusta and Lake Macleod, to areas in northern Queensland.
At present, the company have one granted tenement, having applied for 18 more in the project areas, which would span an area in excess of 4,000 square kilometres.
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