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Galena Mining secures additional A$10M to fund Abra project predevelopment

Galena Mining Ltd. said March 22 that it secured A$10 million from Kingfisher Capital Pte. Ltd. through a two-tranche placement of shares at 40 Australian cents apiece to fund predevelopment work at the Abra lead-silver project in Western Australia.

The Australian explorer started an initial 15,000-meter diamond drilling program, which will add about 25% of new data to the project's total drilling base.

The Australian government's Foreign Investment Review Board approved Toho Zinc Co. Ltd.'s A$90 million investment into Abra Mining Pty. Ltd., which owns the Abra project. The investment will give Toho Zinc a 40% stake in Abra Mining.