[ferro-chrome.com] Dynasty Metals Australia will raise $400,000 from the placement of 8 million shares at $0.05, together with an issue of options to raise a further $80,000 to advance the company’s ongoing exploration program.

The company has recently been discussing various opportunities with respect to a potential farm-in or joint venture relationship for the Prairie West and Newman exploration leases, along with the Irwin Petroleum leases which has shale gas potential.

The Prairie Downs iron project is located southwest of Mt Newman. On less than 10% of its tenement holding, Dynasty has identified a 1.4 billion tonne detrital ironstone deposit and a 23 million tonne hematite deposit.

Irwin River consists of five exploration licences covering 762 square kilometres in the northern Perth basin, east of Dongara and Geraldton.

Dynasty's Marandoo tenement covers an area of 24.4 square kilometres and is within 7 kilometres of Rio Tinto’s (ASX: RIO) Marandoo Mine.