BRITISH COLUMBIA - Vancouver-based CUSAC GOLD MINES is raising $6 million with which to restart production at its Taurus II project near Cassiar. The funds will be raised through flow-through units, common share units and convertible debentures.
Cusac is sole-owner of the Taurus II open pit project. It is located next to the former Table Mountain gold mine, which Cusac also owns. The Table Mountain property has a 300 tonnes/day gravity and flotation mill, power plant, service facilities, offices, other buildings, and a permitted tailings impoundment area. The company plans to resume mining and milling before the second quarter of this year. Technical information about restarting the mill is available at www.Cusac.com.
In the mid-1990s, the previous owner of the Taurus II project made a non-NI 43-101-compliant estimate that it contains 1.24 million oz of gold in 28.4 million tonnes of ore grading 1.35 g/t Au.