https://www.miningweekly.com

Goldsource to accelerate expansion plan at Eagle Mountain

18th April 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Guyana-focused gold producer Goldsource Mines will use the proceeds from exercised warrants for working capital and to accelerate planned production expansion at its Eagle Mountain gold mine, where it last month started first production.

The TSX-listed company on Monday advised that 5.13-million warrants issued in February 2014 and December 2014 – expiring February 28, 2017 and December 12, 2017 respectively – were exercised early for gross proceeds of C$1.24-million.

Of the warrants exercised, a total of 3.53-million were exercised by insiders of the company.

"The funds will help to complete the commissioning phase for scheduled commercial production in the second quarter and accelerate planned production with the inclusion of a second operating shift. The company currently has C$1.4-million cash and has commenced generating revenue from operations,” stated president Yannis Tsitos.

Goldsource planned to update the market on operations and the commissioning of Eagle Mountain mine on Wednesday.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.221 0.256s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: