Target Resources to increase gross proceeds

Target Resources is increasing its gross proceeds of an estimated US$11.5 million (£5.6 million). It has announced a conditional placing and subscription for new shares. In September 2007, it had acquired US$5 million (£2.45 million) in a five-year unsecured loan and a 10-year marketing agreement with Tiffany & Co.

The funds will be used to buy mining equipment and infrastructure required for carrying out detailed mining plans for the 4,200 acre diamond leases in Sierra Leone. According to Dr. Nissim Levy, Target Resources’ Managing Director, “Target now has the resources, team and skills in place to deliver its plan and maximise the full potential of its existing leases in Sierra Leone. We are particularly pleased to welcome Tiffany, as a strategic partner of Target.”