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Dalradian raising funds to complete feasibility study for its Northern Ireland gold project.

Dalradian Resources Inc is raising gross proceeds of C$35 million (approximately £17 million) to fund work towards completion of a feasibility study for its Curraghinalt underground mine project, in Northern Ireland.

The work includes 30,000 m of infill drilling to increase confidence in resources, with a resource update expected Q1 2016. The company expects to complete the feasibility study in about twelve months time, after which it will submit its mine constructing permit. According to CEO Patrick Anderson, speaking at the Precious Metal Summit in Colorado yesterday, the permitting process is expected to take 12 months and on this basis the mine could go into production in late 2018 or early 2019.

The existing PFS indicates a capital investment of US$249 million to build a high grade (9.3 g/t gold) underground mine that will produce 162 koz/y of gold for 18 years at a low cash cost of US$485/oz.

The latest bought deal financing consists of 43.8 million Dalradian units at a purchase price of C$0.80/unit. Each unit will consist of one share of Dalradian and one warrant with a 24 month expiry.

Mr Anderson told Marten & Co that most of the units are being taken up in the UK.

Dalradian raising funds to complete feasibility study for it Northern Ireland gold project: DALR

 

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