Aguia Resources Raises Capital To Fund Acquisition Of Gold Mine In Colombia

Aguia Resources Ltd (ASX: AGR) has secured firm commitments to raise A$1.25 million via a placement of shares at A$0.016 each.

In addition, the directors have applied for a further 7.5 million shares in the placement to raise an additional A$120,000.

These new funds raised will provide Aguia with added capital flexibility to complete its acquisition of South America based Andean Mining.

Andean controls a portfolio of 100%-owned, high-grade gold, silver and copper projects in the Republic of Colombia, South America.

Purchasing equipment to restart mining

The funds raised will be applied to purchase key equipment to restart and expand output from the gold processing plant at Andean Mining’s Santa Barbara gold mine.

Importantly, Aguia’s off-market takeover offer for Andean Mining has already received acceptances of more than 92%.

Going forward, Aguia’s priority is to work with Andean’s team on the restart of mining and processing at Santa Barbara.

Brazilian copper and phosphate assets

While focusing its efforts on Santa Barbara, Aguia will remain committed to advance its portfolio of copper and phosphate assets in Brazil.

Aguia Non-Executive Chairman Warwick Grigor said: “Our objective is that future revenue from Santa Barbara will support ongoing development of our Brazilian copper and phosphate assets, and future exploration activities in Colombia where we believe there is considerable upside.”

Santa Barbara Project

The Santa Barbara Project is comprised of ~320 hectares in the core of a prolific gold camp on the northern tip of the Serranía de San Lucas.

Interestingly, the project shows strong similarities to the Buritica Gold Project – a multi-million-ounce vein deposit in northwest Colombia.

Aguia will seek to recommission the existing treatment facility at an expanded, continuous operating capacity of 50 tonnes per day.

To further unlock the project’s potential, the company is targeting a multi-million-ounce resource by expanding drilling.




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