Mitre Mining Corporation's A$10.5m raising for resource growth

Mitre Mining Corporation Limited (ASX: $MMC) has successfully raised A$10,000,000 through a placement of 22,222,222 fully paid ordinary shares at A$0.45 each. The proceeds from this placement will be used to fund drilling aimed at bringing extensive known mineralisation into the Resource, with the goal of generating substantial growth and rapid value creation at the Cerro Bayo Silver-Gold Project in Chile.

Executive Commentary on Resource Growth

Mitre CEO Tim Laneyrie stated, 'The overwhelming demand for this placement reflects support for our clear pathway to substantial and rapid resource growth. We aim to bring extensive known mineralisation into the Mineral Resource with the infill drilling programs, one of which has already started. We look forward to generating strong newsflow from this drilling in the lead up to a further proposed Resource update.'

Summary of Mitre's A$10.5m raising and Resource Growth

Mitre Mining Corporation (ASX: $MMC) has successfully raised A$10,000,000 to accelerate drilling and rapid Resource growth at its Cerro Bayo Silver-Gold Project in Chile. The placement proceeds will fund infill drilling to bring extensive known mineralisation into the Resource, with the aim of driving substantial Resource growth. The company's CEO, Tim Laneyrie, highlighted the strong demand for the placement and expressed the company's commitment to generating strong newsflow from the drilling activities. Mitre's ambitions include demonstrating a globally significant silver-gold asset and the proposed Resource update is expected early in Q3 2024.