MINING MARKETS & INVESTMENT NEWS — Weda Bay funds project

In an attempt to raise up to $500,000 in proceeds, Weda Bay Minerals (WDA-A) has arranged a private placement of up to 670,000 units at 75 cents each.

Each unit will consist of one share and one warrant entitling the purchase of an additional share at $1.30 for a period of 18 months. The participants in this financing will consist of directors, officers and employees of the company.

The proceeds will be used to fund exploration on Weda Bay’s 90%-held laterite nickel-cobalt project on the Indonesian Island of Halmahera.

Resources are reported to be 92.1 million tonnes grading 1.39% nickel and 0.1% cobalt, including an indicated resource of 63.8 million tonnes grading 1.51% nickel and 0.09% cobalt.