A private placement has been arranged by San Andreas Resources (VSE) to fund ongoing work at its Prairie Creek project, 500 km west of Yellowknife, N.W.T.
Recent work has focused on a flat-lying, stratabound, lead-zinc-silver deposit straddling a previously developed vein system. The area of interest is adjacent to a plant which can handle up to 2,000 tons per day. The financing is for the placement of 1.7-2 million special warrants (exchangeable into an equal amount of shares) and is expected to generate $3.8-4.5 million.
The project was developed into a silver mine in the early 1980s, only to be stalled months from startup because of financing problems.
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