Sabina to raise C$110m for Goose construction
Precious metals company Sabina Gold & Silver has announced a C$110-million capital raising to fund the construction of the Goose mine, at Black River in Nunavut.
The company entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on a bought-deal basis 71-million common shares at C$1.55 each.
Zhaojin International Mining has a 48-hour right to elect to purchase such number of shares to either maintain its 9.9% holding in Sabina or to subscribe such number of shares as is equal to 33%.
Sabina recently announced an optimisation to the plan for its Goose mine. The updated feasibility study of February 2021 contemplated a mill producing 3 000 t/d for the first two years, increasing to 4 000 t/d in year two with a sustaining capital cost for the expansion of about C$17-million. As part of the updated study, an initial 4 000 t/d mill was considered. However, at the time, the settled tailings density was based on the previous pre-leach thickener test work. This work resulted in a lower Echo openpit tailings capacity and a decision to delay the mill expansion timeline.
The current mine plan includes the complete mining of the Echo openpit and seven quarters of mining from the Umwelt openpit during the construction phase of the project. As per the feasibility study, this provides 2.2-million tonnes of stockpiled ore containing 373 000 oz of gold, including 936 000 high-grade tonnes at 8.4 g/t gold prior to commissioning of the mill. In addition, the current mine plan includes an additional 3.5-million tonnes mined in the first three years of operations, enabling 4 000 t/d of mill capacity without the need to increase the mining rate or modify the existing mine plan.
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