KingsroseMining Ltd. said July 21 that it has secured firm commitmentstotaling about A$8.5 million under a two-tranche share placement at 12Australian cents apiece.

The proceeds will be used for ongoing mine development atthe Talang Santo deposit, part of the Way Linggo gold-silver project in southern Sumatra,Indonesia, including the completion of the key 5 Level haulage shaft and theestablishment of capital infrastructure.

The company also plans to fund exploration across the WayLinggo project area, where recent reconnaissance work has highlighted three newtargets in the southern part.