By: Creamer media

The placement proceeds will be used for accelerated resource development and exploration activities in Namibia, where the company owns the Kokoseb deposit, as part of the larger Damaran project, in joint venture with State-owned miner Epangelo.

Wia intends to advance studies and testwork to complete a definitive feasibility study (DFS), as well as permitting and social and environmental activities, at Kokoseb. 

Wia executive chairperson Josef El-Raghy comments that the company has made significant progress at the Kokoseb project over the last 12 months, most recently with a mineral resource estimate upgrade to 2.93-million ounces of gold contained – from an 89-million-tonne resource grading 1 g/t.

“The strong support for the placement received from both domestic and offshore institutional investors allows Wia to continue with its strategy to expand the Kokoseb deposit through an acceleration exploration programme.”

El-Raghy adds that a scoping study on the project is on track for completion in the current quarter with many elements of the DFS already being under way.