Goldsource to accelerate expansion plan at Eagle Mountain
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation