Canada’s McEwen Mining Inc. has secured about US$12 million in financing to fund the development of its Froome gold deposit in Ontario which is expected to reach commercial production in the fourth quarter of 2021.
“The proceeds of this Offering will be used exclusively for qualifying Ca-nadian Development Expenditures (CDE) on McEwen’s properties in the Timmins region,” the miner said in a statement.
According to McEwen Mining, “the Fox Complex has a combined re-source base of 3 million oz of gold” the company has employed independ-ent technical consultants “to develop a Preliminary Economic Assess-ment (PEA) to expand the production from the current short mine life pro-ducing 30-40,000 oz gold per year to a ten-year mine life with annual pro-duction of 100-150,000 oz gold per year.”
McEwen Mining says it is focused on gold, silver and copper mining.