Balamara Resources has announced that its major shareholder, Ample Skill Limited, has provided a further US$ 1 million to assist short-term capital requirements.
The company has agreed to place 10 million shares at US$ 0.10 to Ample Skill, which will increase its holding in Balamara to approximately 37%.
Polish coking coal
In July 2013 Balamara was awarded the rights to the Nowa Ruda coking coal project in Poland, which comprises a previously developed underground mine with historical production over several decades of approximately 1 million tpa of high quality coking coal.
Balamara is in the process of fast-tracking a work program to bring this project into production by the end of 2016.
A significant amount of work is underway with two drill rigs operating, an initial coal resource estimate in preparation and pre-feasibility studies well advanced.
Edited from various sources by Katie Woodward