MYG 7.61% 49.5¢ mayfield group holdings limited

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    In the West ASustralian this morning

    Mutiny Gold has raised $9.7 million in a placement to expand the scale of its Deflector project after encouraging drill results.

    The company will issue 101 million new shares at 9.6 cents a share will one free attaching option for every two shares issued.

    Mutiny said the raising completed the first phase of its plans to accelerate the acquisition of the Gullewa gold project as part of the funds raised will be used to make the next acquisition payment of $4 million due on August 24.

    "This injection of funding will also allow Mutiny to expand its successful exploration program which is targeting the definition of a resource sufficient to underpin production from the company's Gullewa project of (more than) 100,000 ounces of gold per annum," the company said in a statement.

    Managing Director John Greeve said the bookbuild, through broker Hartleys, was heavily oversubscribed.

    "This financing, coming on the back of our announcement that we are proposing to double our annual production rate at Deflector, confirms that Mutiny Gold is serious about its stated intention of becoming a significant, profitable, low cost gold producer in the very near future," he said.

    "We now look forward to completing the metallurgical testwork, drilling and DFS for Deflector and bringing the project into production in 2012," he said.

    Mutiny shares were up 0.5 cents, or 4 per cent, to 13 cents at 8.20am.
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