Madsen raises funds for Red Lake work

Madsen Gold (TSE) has raised more than $400,000 in two private placements.

The placements comprise a total of 340,000 units, each of which consists of one common share and one common share purchase warrant. An additional common share can be obtained with four purchase warrants from one of the placements and $1.25 or four purchase warrants from the second placement plus $1.35.

Some of the proceeds will be used to buy a pump, which is needed to dewater the Madsen gold mine in Red Lake, Ont.

In addition to the mine property, Madsen owns a 500-ton-per-day, semi-autogenous grinding mill and more than 10,000 acres of contiguous, patented claims in the Red Lake area.

The company is drilling on the upper three levels of the mine in the hope of expanding the proven and probable reserves from the current 969,264 tons grading 0.287 oz. gold per ton.

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