Metminco Raises Funds to Advance Its Miraflores Gold Project, Colombia
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Metminco Ltd has raised A$1 million (£0.57 million) to put towards Miraflores, its new gold project in Colombia.
Circa 422 million shares were issued at A$0.00237 (£0.00135) to sophisticated and professional shareholders.
A scoping study recently indicated an underground mine producing 50,000 ounces of gold per year would be a viable option and the money raised will help fund a more detailed assessment of this plan.
William Howe, Metminco’s managing director, said: “The placing forms part of the company’s strategy to advance the development of the Miraflores project.
“The company is now in a position to begin this development phase, whilst also assessing a number of strategies to fund the project through to the construction phase.”
The recent study demonstrated the potential to produce strong cashflows early in the project’s life, he added.
Source: (September 20, 2016) Proactive Investors
About Metminco
Metminco Ltd is a minerals explorer focused on South America.
To stop by Metminco’s website, CLICK HERE
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