Tyranex Gold (TXGI-C) is in the process of raising more than US$19 million to finance its acquisition of the Mineral Hill mine in Montana.
The financing is being arranged through Union Securities, ABN Amro Bank and Phenneger Morgan.
TVX Gold (TVX-T) opened the Mineral Hill mine in 1989 and closed it in 1996 as a result of a drop in the grade of material mined.
The deposit contains a drill-indicated minable reserve of about 1.3 million tonnes grading 0.29 oz. gold per ton, for roughly 385,265 contained ounces.
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