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Endeavour secures US$7.3mn

Bnamericas
Vancouver-based Endeavour Gold Corp. (TSX-V: EDR) has raised Cdn$9.9mn (US$7.3mn) in private placement financings in part to finance acquisition of the Santa Cruz silver-gold mine in Mexico's Durango state, the company announced Thursday. Endeavour is finalizing documents related to the Santa Cruz purchase plus its acquisition of the property's Guanacevi mineral processing plant. Under agreement terms, Endeavour will pay up to US$7mn and US$1mn in work expenditures for the two. The mine and plant produce 600,000oz/y silver and 3,000oz/y gold from 150t/d sulfide ore grading 350g/t silver and 0.5g/t gold. From 250t/d oxidized old tailings it produces 100g/t silver and 1.0g/t gold. Endeavour believes it can quadruple output at "minimum" cost.

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