Last year, Brazilian gold producer Santa Elina Gold (TSE) raised over US$36.5 million through an initial public offering and private placement.
The funds were used to pay down existing debt, to purchase an interest in a Chilean-based exploration company and to fund the construction of a new placer gold plant at the company’s Sao Vicente gold mine in Brazil.
From April to September, 1994, the Sao Vicente project produced 18,190 oz. gold which was sold at an average realized price of US$352 per oz.
Gold production was, however, halted in the fall of 1994 while construction of the new placer gold plant was completed. Production resumed this past February.
Santa Elina plans to use the remaining funds — in addition to other, yet to be raised capital — to complete exploration on several other properties. Most of the company’s holdings are in Brazil.
Be the first to comment on "Santa Elina to build new plant"