One week ago Cameco announced it will maintain low output levels until uranium prices recover.

Proceeds of the private placement will be used to advance the company's Newmont Lake project in British Columbia.

Barrick Gold has ownership in seven of the 20 largest gold mines on the globe based on annual output.

It was expected that between $1 billion and $1.5 billion in assets would be sold over the next two years.

Group of investors including the hedge fund founded by billionaire John Paulson say found that the median spending of senior gold producers is double that of mining companies that produce other metals.

The best assays so far are 34.28 g/t gold over 8.4 metres and 12.30 g/t gold over 6.7 metres.