Teeshin Resources (VSE) is seeking a partner to help fund its Dome Mountain through to production in return for an interest in the gold project. The company said discussions with one party fell through, but talks are continuing with several other groups that have expressed interest or submitted financing proposals.
Located near Smithers, B.C., the Dome Mountain project is reported to contain a minable reserve of 324,000 tons grading 0.36 oz. gold and 2.34 oz. silver per ton.
In order to enhance its ability to obtain financing for the project, Teeshin purchased one of two 7.5% net profits royalties owned by Total Erickson Resources (TSE). In return for the interest, Teeshin issued Total Erickson 1,109,091 shares at a deemed value of 22 cents per share or $244,000.
Subject to regulatory approval, Teeshin plans to acquire the other 7.5% net profits royalty. The cost of the second royalty is somewhat more expensive, however. It is valued at about $1.2 million in stock.
Teeshin now has just over 22 million shares outstanding including the recent issue.
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