First laboratory findings positive/Tin International increases capital by AUD 3 Mio.
Brisbane/Heidelberg. Deutsche Rohstoff AG and its majority owned Australian company Tin International Limited, Brisbane, successfully completed its first drilling program at its 100% owned Gottesberg and Geyer tin projects in the Ore Mountains, Saxony, Germany. Between November 2011 and April 2012, a total of eight holes were drilled for 2,150 meters of confirmatory drilling between both projects. The program was designed to confirm the historical resource estimate, which was prepared in the 1970s and 1980s by German Democratic Republic geologists. Tin International has appointed an independent expert who will provide a resource report according to the internationally recognized Australian Joint Ore Reserves Committee (“JORC”) Standard.
The drill cores are currently in the final stages of being analysed. The initial results show a strong positive correlation to historical data. The complete set of results will be available by late May 2012. The Australian independent expert has confirmed that sufficient data has been collected for the completion of the JORC resource report by July 2012.
The geologists of Deutsche Rohstoff AG, who carried out the drilling on behalf of Tin International, completed the program within budget. The local communities supported the drilling at both projects in a very positive way.
To continue the exploration program without delay, Tin International has successfully completed a AUD 3 million (EUR 2.36 million) capital raising at AUD 0.85 per share. The previous capital raising in September 2011 was at AUD 0.50 per share. The capital raising was significantly oversubscribed and received strong support from existing and new investors, predominantly from Asia and Australia. Helmsec Global Capital Limited acted as exclusive lead manager for the capital raising.
Preparations for the ASX IPO of Tin International have also commenced in Australia. Subject to prevailing market conditions, the IPO is to take place in the second half of 2012. Deutsche Rohstoff AG’s ownership in Tin International, which has a total of 47.5 million shares outstanding, amount to 61% after the recent capital increase.
Heidelberg, 24 April 2012