Canada’s Eldorado Gold Corporation will use the net proceeds collected from the company’s new 46 million Canadian dollar ($29.6 million) financing offering to construct and develop the Kisladag gold project in Turkey.
Eldorado recently closed its previously announced financing of 28.750 million units at CDN 1.60 per unit with a syndicate of underwriters led by Yorkton Securities and including Sprott Securities, BMO Nesbitt Burns and TD Securities.
Eldorado currently holds claims covering a large porphyry gold system at its 157 square kilometer Kisladag Gold Project in west-central Turkey. The company’s Kisladag and Efemcukuru sites in the country have a combined resource base of over nine million ounces.
Pre-feasibility has been completed on Kisladag with environmental impact assessment and development underway to bring project to feasibility in 2003. Drilling to date has outlined a large, elliptical shaped, porphyry gold deposit with dimensions of 600 by 400 meters with a weakly mineralized central core. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
