Canadian Mining Journal

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MONEY RAISED – Half a billion rolling in

Millions and millions of dollars continue to roll into the coffers of small mining companies, thanks to record-brea...



Millions and millions of dollars continue to roll into the coffers of small mining companies, thanks to record-breaking prices for most commodities. The successful companies come from all across Canada, and their projects are spread around the globe. Here is a sampling of news that has reached CMJ in the past week or so.

ADAMUS RESOURCES of Perth, Western Australia, is issuing up to 20 million ordinary shares at a price of A$0.65 each to raise the money needed for the feasibility study of its Southern Ashanti gold property.

APEX SILVER MINES of Denver has increased its equity offering to 6.375 million shares to raise US$15.59 million. It will use the funds for exploration in Mexico, Argentina, Bolivia and Peru.

COPPER RIDGE EXPLORATIONS of Vancouver is raising $2.04 million for exploration in Canada. The company is looking at the Copper Ace property in British Columbia and the Lucky Joe, Scheelite dome and Ironman properties in the Yukon.

DEJOUR ENTERPRISES of Vancouver has raised $4.175 million in two tranches, fattening its treasury to $23 million. The company has allocated $10 million for Canadian uranium and oil & gas exploration.

DYNACOR MINES of Montreal raised a further $2.7 million, bringing its total since September 2005 to more than $10.13 million. The company operates the Acari gold mine in Peru.

ENERGY METALS of Vancouver has completed a $30.25-million private placement, the proceeds of which will be used at its uranium projects in Texas and Wyoming.

ETRUSCAN RESOURCES of Windsor, N.S., is planning an initial public offering that it hopes will raise $30 million. The money will be used for development at its Youga gold project in Burkina Faso and for exploration projects in Africa.

GRANDE CACHE COAL of Calgary closed its bought deal equity financing worth $27 million. The company is one of Canada’s newer coal producers, with mines in Alberta and plans to expand.

JNR RESOURCES of Saskatoon has ambitious Canadian uranium exploration plans. It is looking for $3.75 million with which to fund them.

MOUNTAIN BOY MINERALS of Stewart, B.C., has raised $1.575 million for exploration and working capital.

OREMEX RESOURCES of Vancouver is seeking Cdn$4.6 million to continue diamond drilling at its Tejamen project in Mexico.

PAN AMERICAN SILVER of Vancouver is seeking US$150 million for the construction and development of its Manantial Espejo project in Argentina.

QUINTO TECHNOLOGY of Delta, B.C., has arranged a private placement of 2 million units at a price of $0.70/unit for general working capital.

SAGE GOLD of Toronto has raised $1.75 million for work on its properties in Ontario, Quebec and Nevada.

SAN GOLD CORP. of Bissett, Man., has closed the third and final tranche of its private placement, raising a total of $10 million for its Rice Lake reopening and San Gold No.1 mine project in Manitoba.

STARFIELD RESOURCES of Vancouver has raised $11.08 million for general exploration and working capital purposes.

Vancouver-based STRATAGOLD CORP. has closed a $15-million offering. The proceeds will be used to explore and develop the company’s Tassawini and other gold projects in Guyana.

TEMEX RESOURCES of Toronto is offering over 7 million shares in a bid to raise $5.0 million for its Canadian properties.

UC RESOURCES of Vancouver has raised another $1.65 million for acquisitions and exploration of its Copalquin property in Mexico.

URANIUM CITY RESOURCES of Kirkland Lake, Ont., has increased its offering to $4.83 million. The money is earmarked for exploration in northern Saskatchewan and general working purposes.

YAMANA GOLD of Toronto is raising Cdn$200.1 million. The company’s Chapada project in Brazil is scheduled for production in September 2006.

Only a very healthy industry can raise over half-a-billion dollars in less than 10 days.


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