The money, which comes as an advance from Credit Suisse against the sale of future gold production, will be used to repay a portion of the bridge loan facility provided by Luxor Capital.
Trelawny Mining and Exploration`s mining efforts in Northern Ontario continue to yield significant widths of low to moderate grade gold mineralization at the Côté Lake deposit.
"The presence of several styles of mineralization, the high grades, the consistency of the assays and the setting are all indications of a potentially significant gold-bearing system."
The Qilalugaq Diamond Project includes the Qilalugaq kimberlite pipes and the Naujaat system of kimberlite dykes, and has been the focus of ongoing exploration and assessment work by Stornoway since it was optioned and subsequently acquired from BHPB Billiton Diamonds in July 2006 and July 2010.
Aurizon Mines has purchased 1,923,077 shares in Typhoon Exploration Inc (TYP) and now owns approximately 14.5% of the issued and outstanding common shares of TYP.
Vale is providing funding to Millrock for research and exploration along the Alaska Peninsula porphyry belts. Vale may earn 65% interest by expending US$3.5 million for exploration on the project over a three-year period.
The company has signed a purchase agreement to transfer the Alaskan Rock Creek property to the Bering Straits Native Corporation. The move attempts to simply NovaGold's focus on advancing its Donlin Gold project.