A planned private placement of up to 7 million units at $1.30 each will provide South Crofty Holdings (VSE) with funds for upgrading its 70%-owned tin mine in England.
The company expects to boost production to 250,000 tonnes of ore per year from the current level of about 200,000 tonnes. Yearly output from the mine now stands at about 2,200 tonnes of tin-in-concentrate.
Included in the upgrade will be a deepening of the mine to the 470-fathom level in order to gain access to deeper, higher-grade mineralization.
Reserves at the mine are currently estimated at 3.2 million tonnes grading 1.5% tin.
South Crofty reports that the price of tin has increased to US$3.10 per lb., from a low of US$2.27 per lb. in 1994.
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