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NEWS UPDATES 13 October 2010

Cambodia miner to raise millions

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Gold and copper miner Indochine Mining Ltd, which is exploring concessions in two Cambodian provinces, said it expects to raise as much as A$25 million (US$24.5 million) in an initial public offering after receiving commitments from investors around the world.

Indochine's Phnom Penh-based operations manager and board member Ross Hill said that many institutional investors were seeking exposure to Cambodia's gold and copper resources, with investors confirmed from the United Kingdom, Switzerland, the United States, Papua New Guinea, China, Malaysia and Australia.

"Already attracted at an early stage and continuing to support the company are some of the world's most prestigious and professional investment houses," he said.

"For example, the company's largest single investor Jabre Capital Partners is one of Europe's biggest and the best performing funds in 2009."

Geneva-based Jabre has $4 billion in funds under management, according to its website.

Sydney-headquartered Indochine will list on the Australian Stock Exchange (ASX) by early November with its IPO due to close to institutional investors "in coming days" and to retail investors shortly thereafter, Hill wrote.

Priced at A$0.20 per share, Indochine aimed to raise $12 million with provision to float another $13 million worth of shares, depending on market demand.

"Current indications are that the company will have received applications at the higher end of the [$12 - $25 million] range by the time the offer closes," the company said in a statement posted on its website.

Indochine also announced the hire of a new chief executive, Stephen Promnitz, who is currently the corporate development manager of ASX-listed Kingsgate Consolidated, which owns and operates the Chatree gold mine in neighbouring Thailand.

Indochine began exploring in Cambodia in 2007. With tenements of 2,900 square kilometres in Ratanakkiri province and 1,400 square kilometres in Kratie province, it claims to have the largest landholding of all miners in the Kingdom.

Hill said the new funds would be used to start drilling multiple key targets that the company has identified.

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