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McEwen Mining (TSX: MUX; NYSE: MUX) is raising C$30 million ($22 million) for exploration drilling and the development of an underground access ramp from surface to the orebody at Stock East and West. This is the next area of production growth for the Fox complex, located 45 km east of Timmins, Ontario.
The financing is divided into two parts. The first consists of 643,000 flow-through shares priced at C$21.23 per share for gross proceeds of C$13.7 million. The second part includes flow-through shares priced at C$18.41 each for gross proceeds of C$16.4 million.
After paying agents fees, McEwen expects to net C$28.5 million.
The Fox gold complex covers 70 sq. km. along 18 km of the Destor-Porcupine fault. It includes the 2,000 tonne per day Black Fox mill and the Black Fox mine to the east.
The measured and indicated resources are 14.3 million tonnes grading 4.14 g/t gold, containing close to 1.9 million oz. There is also an inferred resource of 4.2 million tonnes at 3.74 g/t gold, containing 503,000 oz. of gold.
McEwen’s project pipeline includes the Fox gold project as well as Stock East and West.
The former Stock mine was in production from 1989 to 2000, when it produced almost 18,000 oz. of gold. It operated again briefly in 2004 until underground operations were suspended in 2005.
The Stock mill was refurbished, and mining resumed in 2009. This is the mill that now serves the Fox complex.
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