Apex raises funds for Wiluna Gold Mine

Apex Minerals, the Australian-listed gold and nickel miner, has completed a placement of approximately 73 million ordinary shares at a price of A$0.85 per share.

The company is raising around A$62 million, which will be used to fund the resumption of gold production at the Wiluna Gold Mine, by the end of 2008.

Wiluna is a world class goldfield having produced approximately four million ounces of gold during its history. It is located 1,000 kilometres northeast of Perth and comprises mining leases covering approximately 50 square kilometers, as well as miscellaneous licences.

Apex is targeting gold production of around 200,000 ounces per annum by processing high grade ore at Wiluna’s one million tonnes per annum processing plant.

The placement will be completed in two tranches, with an initial 47 million shares raising A$40 million.

These shares are expected to begin trading on the ASX on Thursday, 27 March 2008.

Shareholder approval will be sought for the issue of the remaining 26 million shares; an Extraordinary General Meeting will be held in late April 2008.