BRITISH COLUMBIA – CROSS LAKE MINERALS of Vancouver has unearthed the financing with which to reopen the QR gold mine 70 km southwest of Quesnel, thanks to a pair of private placements. A brokered offering of 7.5 million units and 6.5 million flow-through units will gross an estimated $9.75 million. Additionally, the company sold 722,847 units and 503,416 flow-through units in a non-brokered deal.
With the money at hand, Cross Lake has plans to reopen the QR mine immediately. Open pit mining is planned for the Northwest and West zones. Underground development of the Midwest and West zones is also planned. Contract miners will perform the work at the site. The existing CIP mill will be operated at a rate of 900 tonnes/day, and a recovery rate of 93% is anticipated.
Contact Cross Lake president Gordon Keevil at 604-687-2038 for further information.