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Altona Mining Looks to Raise $70 Million

Altona Mining Limited is hoping to raise $70 million to fund the development of the Outokumpu copper project in Finland along with exploration at its Roseby copper project in Queensland.

The company is to undertake an accelerated non-renounceable pro-rata entitlement offer which is going to be fully underwritten by Credit Suisse, and an institutional share placement.

All the shareholders of the company can participate in the entitlement issue. The institutional placement will help Altona Mining to improve company stock liquidity and also broaden the institutional component of its share register.

In the last year the company has made considerable progress on its Outokumpu Project with the definitive feasibility study and obtaining approval for development of the mine. Construction has begun and a processing plant has also been purchased in Finland.

The definitive feasibility study for Roseby project which was published in 2009 is also being taken up again by Altona Mining. The chairman Mr Kevin Maloney hopes that the funds from this equity raising will help to develop the Outokumpu project and to hold a major drilling campaign in Roseby.

Mr Kevin Maloney also said that it would maximise their flexibility in mid-2012 by enabling them to apply potential positive cash flow towards the development of, what is expected to be a very large, Roseby Project.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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