Chile , Mexico , Bolivia and Peru
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Junior roundup: Ferrum, Southern Legacy, Bacanora

Bnamericas Published: Wednesday, December 11, 2013

Toronto-based Ferrum Americas Mining (TSX-V: FEM) has announced it has closed a non-brokered prívate placement of units and convertible debentures for gross proceeds of Cdn$1.12mn (US$1.06mn), a press release said.

An additional Cdn$500,000 was subscribed by Prestige Times Limited, a Hong Kong-based investment group, in the form of a non-interest bearing non-transferable convertible debenture.

The funding will be used to target iron, copper and precious metals opportunities throughout the Americas, Ferrum chairman Laurence Curtis said.

Ferrum Americas has rights to acquire a 98% interest in the Cerro Rojo iron ore project in Bolivia.

***

Lima-based Southern Legacy Minerals (TSX-V: LCY) announced its intention to complete a non-brokered private placement offering of units at a price of Cdn$0.12 each for maximum gross proceeds of up to Cdn$300,000.

The offering is expected to close on or about December 31. Net proceeds from the offering will be used for option payments, expenses related to drilling permit applications and access rights and for general working capital purposes.

Southern Legacy Minerals has a portfolio of gold and copper projects in Peru and Chile.

***

Calgary's Bacanora Minerals (TSX.V; BCN) announced it has received the analytical results from the first six holes of the stage 2 drilling program on the Fleur and El Sauz concessions in northern Mexico, said a statement.

Within the area drilled, the average intercept length for the upper clay unit was 35.8m averaging 1,600ppm Lithium (0.85% LCE) and 27.4m averaging 4,375ppm Lithium (2.33% LCE) for the lower clay unit.

The drilling program is continuing and completion is expected in late February of early March 2014.

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