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20/11 - CORTONA ANNOUNCES $10.3M CAPITAL RAISING TO ADVANCE DARGUES REEF TOWARDS PRODUCTION

CORTONA ANNOUNCES $10.3M CAPITAL RAISING TO ADVANCE DARGUES REEF TOWARDS PRODUCTION

FUNDS RAISED TO UNDERPIN FEASIBILITY STUDY AND EXPANDED EXPLORATION

HIGHLIGHTS

§ $2.5M institutional share placement

§ Fully underwritten 1-for-2 rights issue to raise additional $7.8M

§ Definitive Feasibility Study to commence immediately on Dargues Reef Deposit

(1.44Mt @ 6.2g/t Au for 286,000oz):

o Operations Manager and several key teams already in place

o Tenders being sought for mining and infrastructure studies

§ DFS targeted for completion by end of 2010, with first production scheduled for mid-2011

§ Near-mine and regional exploration to be ramped-up

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