THUNDER BAY, ON, - April 1, 2008 - Magma metals today announced a private placement of 23.5 million Magma Metal shares at AU $0.35 a share and 11.77 million free unlisted AU$.50 options to raise $8.2 Million.

There was strong institutional support from North America, the UK, and Australia.

The funds raise are to underpin an expanded drilling program at its promising Thunder Bay North site, a platinum and Palladium project north and east of Thunder Bay Ontario.

The Perth Australia Company announced to day that it intends to pursue a dual listing on the Toronto Stock Exchange, pending further promising results from the Thunder Bay North Project. In their press release they said, “Platinum and Palladium prices are currently very strong, and the outlook for these metals is outstanding reflecting strong demand and potential supply shortfalls from major producers in South Africa. The Canadian location of this project is important in this context.”

“Recent drilling results have further reinforced the potential of the Thunder Bay North discovery. The majority of the funds will be used to advance this very promising discovery, which we believe has the potential for a substantial Platinum palladium resource “, said Dr. Keith Watkins CEO of Magma Metals. While the winter drilling program is winding up, the firm is planning an aggressive summer drilling campaign, with new electro-magnetic and IP surveys.

This photo shows mineralized peridotite in the drill core. Visible mineralized sulphides can be seen in many of the drill cores.

 

 

 

Bert Rowson
Reporting for
LakeSuperiorNews.com