Vancouver In a unique move, Emgold Mining (EMR-V) aims to use a portion of the proceeds from a $7.5 million financing for the construction of a demonstration plant used in producing ceramic products from the historic Idaho-Maryland tailings in California.
The junior closed the financing, which comprised 10 million units at a price of $0.75 each. A unit holds one share and half a warrant. A full warrant allows the holder to buy an additional share for $1 over a 2-year period.
Along with the ceramics, the funds will be used on the on going 15,000 to 20,000 ft drill program on the gold property in Grass Valley, California, as well as for the preparation of a preliminary assessment report, application for a mine use permit and property payments.
The mine use permit application will include provisions for Emgold to operate a staged mining operation up to 2,400 tons per day.
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