Kittila mine in Finland
FINLAND – Agnico Eagle has announced a $13-million investment in explorer Rupert Resources, subscribing for 15.4 million units in a non-brokered private placement at $0.85 each.
Rupert holds the 297-sq.-km Pahtavaara property in Finland, located 50 km from Agnico’s Kittila mine. This project features a 20-km-long prospective structural corridor with a 2018 resource estimating 4.6 million of inferred tonnes at 3.2 g/t gold for a total of 474,000 oz. The past-producing site hosts a permitted mill and sits within the central Lapland greenstone belt.
The units issued to Agnico will consist of one common share and 0.75 of a warrant. Upon closing, the company will hold 9.9% of Rupert on a non-diluted basis and 16.1% on a partially diluted basis.
Agnico Eagle’s Kittila underground mine generated 188,979 oz. gold in 2018 after starting production in 2009. The current mine life forecast for this operation extends to 2035.
For more information, visit www.AgnicoEagle.com or www.RupertResources.com.