Canadian Mining Journal

News

COPPER-GOLD-ZINC: Falco raises $36.5M for Horne 5



QUEBEC – Falco Resources of Montreal has closed a bought deal offering that raised $36.5 million in flow-through exploration financing. The company sold slightly more than 24.18 million units at a price of $1.07 per unit and 8.26 million flow-through shares at a price of $1.28 per share. The underwriters also took up 3.15 million units and 447,975 shares of the over-allotment option.

Falco has its Horne 5 copper-gold-zinc project near Rouyn-Noranda in the advanced exploration stage. The company released a preliminary economic assessment earlier this year. Horne 5 has a 12-year mine life during which time it is expected to produce 807 million lb of zinc, 193 million lb of copper, 2.9 million oz of gold and 23.8 million oz of silver. All-in sustaining costs are estimated to be US$427 per oz of gold. Initial capital costs are pegged at $905.2 million, including a $60-million contingency.

A detailed map of the Horne 5 deposit and historic workings is available at www.FalcoRes.com/English/horne-project/overview/default.aspx.