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MOD raises A$5.5M for Botswana copper-silver project

MOD Resources Ltd. on Dec. 19 said it has raised about A$5.5 million before costs through an institutional placement of 188,596,537 ordinary shares priced at 2.9 Australian cents each.

The majority of the proceeds will be used to finance the feasibility study on the T3 copper-silver deposit, part of the Botswana joint venture, with an aim to make a decision to mine in early 2018.

Proceeds will also be used to fund the 2017 exploration program at the T3 copper-silver deposit.

A scoping study for the T3 deposit estimated costs of US$135 million for a 10-year, open-pit mining operation that will produce about 21,800 tonnes of copper and 665,000 ounces of silver per year.