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Herencia Resources

  • BY: Andrew Hore |
  • POSTED: 26/08/2008 |

Herencia Resources has reported additional drilling results for the Patricia deposit in Chile.

Patricia is part of the 70%-owned Paguanta zinc lead silver project. The drilling for the Cathedral vein has found extended widths of mineralisation at greater depths. These are some of the best results yet. Further mineralisation has been discovered at a nearby vein.

The shares rose 0.13p to 0.93p on the news. That values Herencia at £5.62m.

Herencia floated as a shell on 22 February 2005. It raised £500,000 at 1p a share. Mineral Securities reversed its Chilean assets, including Paguanta, into Herencia in November 2005.

MinSec still owns 46% of Herencia and has the ability to help with the finance needed to develop its projects. That gives the edge over many other tiny mining companies that will find it difficult to raise money.

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