Gold Mountain receives K5.1mil for Wabag project


Gold Mountain (GMN) Ltd has received AU$2 million (K5.1mil) for its flagship Wabag project in Enga.
The Australian firm holds porphyry copper-gold-molybdenum deposits in the highly prospective Papuan Mobile Belt in the country.
According to GNM, the Wabag project has three priority targets which were previously covered by BHP tenement applications – Monoyal, Mt Wipi and Sak Creek.
In a statement to the stock market this week, the firm said the funds came from entities associated with company adviser Matt Liddy.
Overall, the stakeholders purchased over 36 million Gold Mountain shares at 5.5 cents per share.
Gold Mountain would issue over 2.5 million shares to satisfy placement fees payable to the investors.
Gold Mountain recently began drilling at the Monoyal copper-gold porphyry target within the Wabag project.