LONDON (AFX) - Cambrian Mining PLC said it received "outstanding" initial results from the first holes of current 230-hole rotary air-blast drilling programme on its Subranum Concession in the Ashanti region, central Ghana. The best of the results to date are from drill hole SBRAB038, which finished in mineralisation at 33 metres with the last metre grading 4.2 g/t Au. Gold mineralisation encountered so far is associated with quartz veining and silica-carbonate alteration, and is hosted within sheared Birimian meta-sediments.

Cambrian said it now requested the Subranum exploration managers, RSG Global, design and schedule an RC drilling programme as soon as possible. An RC drilling rig is expected on the Concession in mid-November.

Separately, Cambrian announced it has raised 1 mln stg through a placing of 2.6 mln new shares at 38 pence each to Madoff Securities International Ltd which now holds 11.69 pct of the company.

Proceeds will be used to enhance its existing mining businesses and investigate further growth opportunities in the mining sector, it added.