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Golden Minerals plans offering to advance Mexico projects

Bnamericas Published: Tuesday, April 21, 2020
Golden Minerals plans offering to advance Mexico projects

Golden Minerals plans to raise Cdn$3.0mn (US$2.1mn) in an offering to fund advances at its Mexican projects.

The Colorado-based company said in a release it will sell 15mn shares and 11.25mn warrants after entering into definitive agreements with a number of institutional investors.

Net proceeds will be used for working capital and general corporate purposes, including continuing to advance its Rodeo and Velardeña projects in Mexico’s Durango state.

PROJECT DETAILS

Golden announced results of PEAs for Velardeña and Rodeo earlier in April.

At Velardeña, the study outlined a restart of operations for total pre-production capex of US$10.3mn.

Production is estimated at 10.2Moz silver and 119,000oz gold over a 10-year mine life, with pre-tax IRR at 139% at US$1,324/oz gold and US$16.23/oz silver prices.

The Rodeo PEA outlined a small-scale open pit mine producing 34,000oz gold and 89,000oz silver over nine quarters, with total pre-production costs at US$1.5mn.

Mining and exploration are currently halted in Mexico due to a government-imposed suspension of non-essential activities aimed at slowing the spread of COVID-19, which runs to April 30.

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