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Canadian gold, silver miner raises $25M
Canadian gold and silver miner Golden Queen has raised about $25 million in funds. The funds will be used to modernise and expand the production ca-pacity of its Soledad Mountain mine in southern California, among others, Golden Queen said in a statement. The $25 million will be also used to reduce the corporate debt, and finance general corpo-rate and working capital purposes.
Headquartered in Vancouver, Canada, Golden Queen says it is a gold and silver producer with a 50% interest in an open pit, heap leach mining operation in southern California’s Kern County.
Last January, the company reported a total gold production of 2,026 oz at Soledad Mountain. During production years two to 11, gold and silver production at the mine is to average about 74,000 oz and 781,000 oz per year, respectively, according to data released by Golden Queen. The mine also produces aggregate rock