Timmins’ next would-be miner, Gowest Gold, has secured the $25 million it needs to go back underground and restart its Bradshaw gold deposit, north of the city.
Company management said in an April 17 news release that it has completed a private placement financing package of $15 million combined with the sale of $10 million in promissory notes to Lush Land Investment Canada, a key project investor.
Lush Land will increase its shareholder stake in Gowest from 9.1 per cent to 24.7 per cent.
The funds are earmarked for development and a planned restart of the Bradshaw mining operation, 32 kilometres northeast of the city. It’s part of the company’s larger North Timmins Gold Project, covering more than 10,900 hectares.
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