Axiom Mining Raises $1.1 Million for Solomon Island Projects

Australian exploration and mining company Axiom Mining has raised $1.1 million in capital funding for its nickel projects in the Solomon Islands.

The $1.1 million investment, which was raised by private placement, will be used to increase efforts for its West Guadalcanal and Isabel Nickel Projects. Axiom has already commenced drilling at its West Guadalcanal mine, returning promising results.

“We are also pleased to have been able to successfully advance exploration on our West Guadalcanal Project this year, which has shown the project’s high grade potential and will progress us towards drilling,” Axiom chief executive officer Ryan Mount said.

“Our Solomon Islands tenements include the promising gold project in West Guadalcanal and the world-class Nickel deposits on Santa Isabel Island.”

The company is also anticipating an end to its lengthy court battle with billion-dollar refinery company Sumitomo Metal Mining Company. The case, which involves the Isabel Nickel Project, is expected to end with closing submissions this week.

“We are encouraged with how the High Court trial has proceeded and that it is now coming to an end,” Mount said.

Axiom was able to raise the $1.1 million through a private placement of shares priced at $0.018, including an option exercisable at $0.02 on or before September 30 2014.