Canadian Mining Journal


GOLD: Agnico invests $13M in Rupert Resources

Kittila mine in Finland

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.

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