Azumah Resources Ltd
(ASX:AZM) says it has completed a $30 million capital raising, enabling it to embark on an aggressive exploration drive.
The gold and minerals explorer says the placement of 50 million shares at 60 cents each has now lifted its working capital to almost $40 million.
Azumah will put the funds towards ramping up exploration at its resource base and identifying more sources of mineralisation at its 1.2 million-ounce Wa Gold Project in Ghana.
The feasibility study for the Wa Gold Project is due for completion early next year, with production scheduled to start in 2012.
Azumah Resources reported a net loss of $10.24 million in the year to 30 June 2010.
