Black Fire Minerals Moves to Increase Cash Position

Black Fire Minerals (ASX: BFE) had been granted a trading halt  last friday, with its shares placed in pre-open, pending the release of capital raising details.

Earlier in the week the company reached an agreement with Pacific Gold Corporation to accelerate the transfer of the title to the Pilot Mountain Tungsten Copper project in Nevada by paying an initial US$350,000 (A$383,966).

This will give Black Fire full title to the mineral claims covering the project, which has a JORC Resource of 6.79 million tonnes at 0.31% WO3, 22.8 grams per tonne silver and 0.17% copper.

The company has also agreed to pay PGC a further US$850,000 by 31 March 2014 to retain title to the claims. The halt will last until the earlier of an announcement being made to the market, or the opening of trade on  9th July 2013.

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