The Company intends to use the net proceeds of the unit private placement to conduct exploration work on its Tombstone CRD silver-gold-lead-zinc-copper project in Arizona and its Cervantes Porphyry gold-copper project in Mexico, and for general working capital purposes.
Golden Minerals Company announced today the closing of its previously announced public underwritten offering of 20,535,714 shares of common stock of the Company, including the exercise in full by the underwriter of its option to purchase an additional 2,678,571 shares of common stock, at a price to the public of $0.42 per share.
Bob Willis, CEO and director, stated, “This is a very exciting time for all San Marco shareholders as we are now fully financed for a 10,000m drill program scheduled to start very shortly. We welcome our new strong institutional investor base and are looking forward to expand on the excellent results to date at the Buck Property.”
Mr. Eric Sprott commented, “Discovery provides unmatched leverage to a rising silver price and I am very encouraged to see the Discovery team continue to execute on their plans at the Cordero project. I have continually grown my position in the Company and it is now one of my largest investments in the silver space.”
The Phase 1 exploration program has been designed to refine targeting at Cerro Magallanes which is a large rhyolite flow dome complex, host of several historic workings and multiple high-grade gold mineral occurrences. Additionally, the program will focus on expanding knowledge on the sedimentary hosted mineralized targets, including to-date a total of five gold-mineralized areas.
GR Silver Mining President and CEO, Marcio Fonseca, commented, “The Company has prioritized the validation of the drill holes at the San Juan-La Colorada Area, focusing on expansion of mineralization along strike and down-dip. These latest results confirm high-grade mineralization extending to the S towards the San Francisco Area, suggesting potential to outline a large low sulphidation epithermal system with at least a 1000 m strike length”.
Evrim will transfer a 100% interest in the La Lola and Cumaro properties in exchange for a respective 2% NSR and 1% NSR on any future production.
Check the Mining State Panoramas
The promotion and dissemination as essential elements to understand and disseminate our Mineral resources, that is why today it is pleased to make the document “Mining Panorama” available to society, by state.
GeoInfoMex, is the consultation system of the Mexican Geological Service that allows users to know geoscientific information and make decisions with savings in time and resources, helping to promote mining activity.
The DOF is the organ of the Constitutional Government of the United Mexican States, which has the function of publishing in the national territory, to so that they are properly observed and applied in their respective areas of competence.
Learn about the current situation of the mining industry as well as the activities carried out by Camimex.
Mexico Mining Center © 2021 / All Rights Reserved
