BRITISH COLUMBIA - Vancouver-based MERIT MINING has arranged a $15-million private placement, the proceeds from which be applied to the development of the Greenwood gold project near Grand Forks. The placement is expected to close in July.
The Greenwood project includes the Lexington-Lone Star claim group and the Golden Crown claim group, both 100% owned by Merit. The Lexington property has an indicated resource of 291,000 t grading 8.36 g/t Au and 1.35% Cu, plus an inferred resources of 45,000 t grading 6.58 g/t Au and 1.03% Cu. The Golden Crown property has an indicated resource of 105,000 t grading 13.78 g/t Au and 0.55% Cu, plus an inferred resources of 8,000 t grading 16.8 g/t Au and 0.55% Cu. Taken together the deposits may contain over 185,000 oz of gold. A mill is planned at the Golden Crown site.
Maps of the Lexington-Grenoble deposit and the Golden Crown vein system are available at www.MeritMiningCorp.com.