Canadian Mining Journal

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GOLD: Dalradian submits mine planning application; closes C$78 million private placement



Toronto – Dalradian Resources Inc. is pleased to announce that it has submitted its planning application to permit the building of an underground mine and associated infrastructure at the Curraghinalt gold deposit to the Northern Ireland Department for Infrastructure. The Company also announces closing of the private placement financing with Orion Mine Finance Fund II LP and Osisko Gold Royalties Ltd for gross proceeds of C$78.25 million.

Image courtesy of Dalradian Resources.

Patrick F. N. Anderson, Dalradian’s President and CEO, commented: “This is an exciting day for Dalradian and for Northern Ireland. It is the culmination of seven years of exploration, engineering and environmental work on the Curraghinalt deposit and financings that have raised more than C$260 million for our work in Northern Ireland. We have transformed the project from a small, early-stage deposit to one of the best gold projects on the planet. Building and operating a mine at the Curraghinalt deposit will create at least 350 permanent direct jobs and is expected to give a US$1 billion boost to the local economy over the 25-year life of mine in the planning application. This will be one of the largest foreign direct investments to be made in Northern Ireland in recent years.

Orion and Osisko are two of the top mine finance groups in the world. Their investment in Dalradian is a strong vote of confidence in our project and Northern Ireland. As a result, we are entering permitting with substantial funding that will allow us to continue to explore and further prove up the potential of the project. Our ongoing investment will ensure continued economic benefits to Northern Ireland through our training initiatives, jobs and supplier opportunities.

We are proud of the rigour and quality of the application. It comprises more than 10,000 pages, including nearly 40 detailed reports by independent experts from globally recognized environmental consulting firms. I am confident our submission demonstrates that we can deliver a sensitively designed and well-thought-out project that will provide economic benefits to the region and solid returns to our shareholders using environmental best practices. We appreciate the contributions of local residents, consultants, regulators and other stakeholders whose input has contributed to our plans for a mine at Curraghinalt.”

The full release can be found at www.daldarian.com.


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1 Comment » for GOLD: Dalradian submits mine planning application; closes C$78 million private placement
  1. Eoin Clarke says:

    These investors got badly caught considering the current political climate of uncertainty. Aligned with the second largest party just 0.2% difference in largest and second largest coming out firmly against these and similar proposals. Politics here doesn’t operate like alot of places meaning progress if any will be slow. They will be reliant on to many things outside of their control for this to actually come to fruition. But I suppose Patrick Anderson is aware of all this and is hoping to sell high to someone who will get caught out much like Kinross Gold got landed with something they couldn’t proceed with.

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