Alberta-listed Armada Gold has closed the first of a 2-staged financing, with gross proceeds exceeding $2.1 million.
The company issued more than 4.2 million shares priced at 50 cents each in the first stage and intends to complete the second stage, consisting of more than 1.1 million shares at the same price, shortly.
Proceeds will finance a feasibility study at the Baley Gold project in southeastern Siberia. The project hosts the Taseevo gold deposit, which, based on results from more than 800 diamond drill holes, contains 78 million tonnes averaging 2 grams gold per tonne.
In addition, the project contains 42 million tonnes of tailings, produced from mines in the Baley area, which reportedly contain 1.2 million oz. A feasibility study of the project is to start in early 1995.
In other news, Armada has paid $170,000 for an 8.8% interest in the former Soviet state-run mining company, Baleyzoloto.
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