Telson Mining Corporation is pleased to announce that it has closed the non-brokered private placement as announced July 02, 2020. The fully subscribed Private Placement has closed with the Company issuing 13,996,145 units (the “Units”) at a price of $0.10 per Unit for gross proceeds of $1,399,615.
Proceeds of the financing will be used primarily to expand and diversify Xtierra’s royalty portfolio into Canada, the United States and other mining friendly jurisdictions.
“We are excited to begin stepping out from our numerous Phase I Drilling discoveries. Phase I confirmed our geological model, proved that Alamos is a silver district and generated a significant inventory of high-grade vein targets for Phase II drilling,” stated Darrell Rader, President and CEO of Minaurum.
Mr. Jonathan George, CEO, commented “We are very pleased that all three of these holes intersected multiple runs of elevated copper and visible chalcopyrite over tens of metres of length down-hole from the reported, near-surface significant results.”
Preliminary second quarter production from the Company’s Oaxaca Mining Unit totaled 2,441 ounces of gold, 185,330 ounces of silver, 246 tonnes of copper, 1,140 tonnes of lead and 3,004 tonnes of zinc.
GR Silver Mining President and CEO, Marcio Fonseca, commented, “We are very pleased with the progress of our exploration program at both the Plomosas and San Marcial Projects. At Plomosas we have not only 6 areas already drilled where we are initiating surface drilling to expand mineralized zones along strike but also 11 very promising priority exploration targets with evidence of veining.”
“The project site is quickly taking shape and we remain on track for construction to conclude around the end of the year.” stated Darren Koningen, CEO of Minera Alamos.
“Despite the temporary shutdown of operations during the quarter, our production results were better than anticipated as a result of implementing an extended and safe ramp down of the San Dimas operation throughout the month of April,” said Keith Neumeyer, President and CEO.
Riverside’s President and CEO, John-Mark Staude, stated: “We are excited to be working together with Carlyle to progress the various exploration targets at the Cecilia Project and particularly our shared keenness for discovery of high-grade mineralization on the district scale property package that Riverside consolidated and worked up.”
Luis Marchese, President, and CEO of Sierra Metals, commented: “The Company had solid production results in the second quarter despite the negative implications of the shutdowns that occurred due to the COVID-19 pandemic. At Yauricocha and Bolivar, the Company was able to maintain essential activities while fully complying with the government protocols during the state of emergency.”
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