Rumble Resources Ltd (ASX:RTR, OTC:RTRFF) welcomes Bain Resources Holdings — a company associated with the large Indian mining contractor BGR Mining and Infra Ltd — as a strategic shareholder.
Bain Resources Holdings has subscribed for 25 million shares in Rumble at 4 cents per share for a total investment of $1 million.
A major player in the Indian mining industry, BGR has executed more than 50 projects and currently has an order book of close to US$11 billion.
Rumble managing director and CEO Peter Harold said: “we are privileged to have one of the largest mining contractors in India, through an associate company, become a significant shareholder in Rumble.
“BGR Mining and Infra Limited (BGR) have been keen to expand their activities outside of India and we are delighted they have chosen to make a direct investment in Rumble.
“BGR is particularly interested in our Western Queen gold project for its near-term cash flow and resource growth potential.
“Western Queen sits on a mining lease, has existing resources of 163,000 ounces averaging 2.4g/t and has historical production of 880,000 tonnes at 7.6g/t for 215,000 ounces.
“BGR is also interested in our Earaheedy zinc-lead-silver project, given the size of the inferred resource at 2.2 million tonnes zinc, 700,000 tonnes lead and 12.6 million ounces silver and the potential for it to be a large scale, open pit mining and processing operation in the future.
“We look forward to a long and mutually beneficial relationship with BGR.’’