EmpireResources Ltd. on July 11 announced it raised just under A$1.3million in a placement to sophisticated investors and plans to use the fundsfor developing the Penny'sFind gold project in Western Australia.

The company is currently drilling at the deposit to define the positionof the gold zone close to surface and to increase the confidence in the early miningphase scheduled to start later this year.

Empire holds 60% of the project and theremainder.