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St George Mining raising A$5.7M for nickel-copper exploration at Mount Alexander

St George Mining Ltd. outlined plans to raise A$5.7 million for nickel-copper exploration at its flagship Mount Alexander project in Western Australia.

The company said Oct. 24 that it received firm commitments for a share placement of about 38 million ordinary shares at 15 Australian cents apiece, to support ongoing exploration for high-grade nickel-copper sulfide mineralization at the early stage project.

Maiden drilling on the project's new Fish Hook prospect is scheduled for November.

St George Mining's shares closed Sept. 2 up by 21% after the company said it discovered shallow mineralization at the Radar prospect, also at Mount Alexander.