IPT $3M Placement

GCR IS PLEASED TO ADVISE ITS SHAREHOLDERS THE ATTACHED
ANNOUNCEMENT OF IMPACT MINERALS (ASX: IPT)
ANNOUNCING A $3 MILLION CAPITAL RAISING PLACEMENT FOR
MULGA TANK NICKEL PROJECT IN WA.

Impact Minerals (ASX:IPT) is pleased to announce a A$3 million capital raising through a placement of 78,947,368 shares, at an issue price of 3.8 cents per share, to sophisticated and professional investors to drive the Company’s highly prospective Mulga Tank nickel project in W.A. and the high grade nickelcopper‐ platinum project at Broken Hill in New South Wales.

Funds raised from the placement will be used in part to accelerate the maiden drill programme in November at Mulga Tank (Figure 1). Drilling will test seven coincident electromagnetic (EM)conductors and soil geochemistry anomalies identified by Impact that are highly prospective for massive nickel sulphide deposits (Figure 2 and see announcement dated 2 September 2013).

The cluster of conductors occurs on Licence E39/988, has strike lengths of up to 800 m and commence at depths of between 100 m and 350 m below surface. Importantly, the conductors occur close to the base of
the Mulga Tank Dunite as interpreted from previous drill holes and magnetic data and therefore are possible zones of massive nickel sulphide mineralisation that have accumulated at, or close to, the base of the dunite (an ultramafic rock).

In addition Impact is also pleased to announce that it has secured the right to acquire a greater interest in the licence over the conductors, E39/988 as well as E39/1072, another key exploration licence at Mulga Tank by acquiring a third party’s stake of 20 and 25% respectively.

Impact intends to elevate the right to buy to actual acquisition, with the final payment terms, most likely comprising cash and/or shares in Impact, to be at a valuation to be set by an Independent Expert.

The planned acquisition, following agreement between Impact and Golden Cross Limited (GCR), will potentially deliver Impact a 70% interest (up from 50% currently) in E39/988 and a 75% interest (also up from 50% currently) in E39/1072 .

The Mulga Tank Project comprises 13 exploration licences covering 425 sq km of the Minigwal greenstone belt and surrounding area in the eastern part of the Yilgarn Craton. Of the 13 licences, Impact owns 100% of six licences  (E39/1632 and E39/1633 which are granted and four applications) and is earning currently a 50% interest in seven licences from Golden Cross Resources (E39/988, E39/1072, E39/14939, E39/1440, E39/1441, E39/1442 and E39/1513).

To download this report in full as a pdf file, click here.

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