HOPE BAY, Nunavut MIRAMAR MINING has issued 2.8 million flow-through common shares and 1.0 million units to raise $13.27 million for exploration at its gold projects in the Arctic. The issuance is underwritten by two Canadian investment dealers who will pay $3.65 per share and $3.05 per unit. The offer is expected to close on Dec. 9 following regulatory approvals.
The most advanced of Miramar's projects is Hope Bay, where resource estimates made at the end of 2002 were 3.24 million tonnes at 15.7 g/t Au in the measured and indicated category, plus inferred resources of 6.86 million tonnes at 12.3 g/t Au.
Besides the Hope Bay project, Miramar has optioned the George and Goose Lake projects from Kinross Gold. Miramar has plans to further explore these deposits in which gold mineralization occurs in banded iron formations. The George and Goose Lake deposits contain a combined total of 4.37 million tonnes at 9.8 g/t Au in the indicated category, and another 1.88 million tonnes at 9.9 g/t Au in the inferred category.
The latest news about these projects is available at www.miramarmining.com.