Canadian miner to invest $83.2M in gold mine

Photo: Battle North Gold

Canadian miner Battle North Gold has announced plans to invest some C$109.3 million (US$83.2 million) with the aim to re-launch production at a gold mine in northwestern Ontario, Canada.


“I am very pleased to deliver the maiden Feasibility Study for our shovel-ready Bateman Gold Project, which demonstrates the Project's robust commercial viability as an operating mine in the prestigious Red Lake Gold Mining camp,” George Ogilvie, the chief executive and president of Battle North Gold, said in a statement.


“We currently have $55 million of cash on our balance sheet that is dedicated to fund the development capital of the Project. We are also in advanced discussions with lenders to secure a debt facility to fund the remaining development capital and achieve a fully-funded Project,” according to Ogilvie.


The company is listed on the Toronto Stock Exchange (TSX).