Santana Minerals Secures $2 Million to Advance Cuitaboca Silver Project, Mexico
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Santana Minerals Ltd has secured $2.037 million through a share placement to sophisticated and professional investors priced at $0.06.
The funds raised will be used to undertake further exploration work, including planned drilling, at the Cuitaboca silver project in Sinaloa, Mexico which is anticipated to commence in October of this year.
In June, Santana discovered high grade silver at Cuitaboca with bulk tonnage potential.
Assay results included 83 meters at 97 g/t silver from surface.
Santana has a right to earn an 80 percent interest in the project through a combination of work commitments and payments.
Mexico is the world’s largest producer of silver and has a favorable mining environment. It is among the top ten producers of gold, copper, lead and zinc.
Encouragingly, the company’s largest shareholder is chairman, Norm Seckold.
Santa held $1.3 million in cash as at June 30, 2016, before raising $2 million from the latest share placement.
Source: (August 29, 2016) Proactive Investors
About Santana Minerals
Santana Minerals Ltd is focused on exploration for gold and silver in Mexico.
To stop by Santana Minerals’ website, CLICK HERE
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