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North River Resources Gets $12m to restart Namib mine

North River Resources Gets $12m to restart Namib mine

North River Resoursessecurity of $12 million equity funding has led to a 28% increase in itsshares. The funds will be used to re-open Namib Lead Zinc Project nearSwakopmund in Namibia.

Mr Martin French said the deal with greenstone Resources will allow north River fast track the mine development and provide a clear pathway to production in 2015 as planned.

The investment terms required Greenstone to subscribe for an initial tranche of$ $2.8 millionworth 0.6 pence and an agreement to provide up to $8.9 million of equity 3 other tranches at incremental prices to meet growth in shareholder value.

The mine development plan for the Namib Project estimates capital expenditure will be relatively low as a result of favourable existing infrastructure. A spend of just over $25m is expected to bring the project into production.

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