Lumina Gold raises $20M to advance projects in Ecuador

Vancouver-based gold junior, Lumina Gold (CVE:LUM), closed $20 million to help fund the company's projects in Ecuador.

Lumina had planned to raise $15 million for the work at the start of the month but up-sized the offering due to "positive institutional and retail demand."

The financing was arranged by a syndicate of agents, co-led by Raymond James Ltd. and Haywood Securities Inc.

Lumina updated its Cangrejos Gold-Copper project, located in El Oro Province of southern Ecuador at the start of the month. Contained gold was increased from 4.0 to 8.8 million ounces at a grade of 0.65 grams per tonne.

Lumina president, Marshall Koval, plans to advance the project to a preliminary economic assessment in 2018.

“We are extremely pleased to see a significant increase in the scale of the deposit and an increase in the grade," says Koval in a news release.

"Both of these factors will contribute positively to the Preliminary Economic Assessment planned for completion mid-next year. This resource estimate will serve as the basis for the assessment. Drilling in early 2018 will further delineate priority open areas of the Cangrejos deposit.”

The post Lumina Gold raises $20M to advance projects in Ecuador appeared first on MINING.com.

from MINING.com http://ift.tt/2i5x21j