MANITOBA – Auriga Gold Corp. of Toronto has entered into a non-binding term sheet with a private, institutional investor with regard to a US$23-million gold prepay agreement. The money will be used to refurbish and develop the Puffy mine and mill at the Maverick gold project 65 km northeast of Flin Flon.
The US23 million is sufficient to carry the project through to production, said Auriga president and CEO Richard Sutcliff.
The Puffy Lake mine and mill operated from 1987 to 1989. The mine has a capacity of 1,000 t/d. More information is posted at AurigaGold.ca.