Finore Mining Inc CNX:FIN announced a non-brokered private placement of up to 23.6 million units at $0.25 per unit, for gross proceeds up to $5.9 million. Net proceeds will be used for general working capital purposes and for the exploration and development of its Läntinen Koillismaa Project. Work at LK will include completion of a 15,000-metre drill program, additional metallurgical test work and the completion of an updated mineral resource estimate for the Haukiaho and Kaukua targets.
Under an option with Nortec Minerals Corp TSXV:NVT, Finore may earn an undivided 80% interest in the LK Project, which comprises 3,750 hectares in north-central Finland. According to a February 43-101 resource estimate, it contains 86,322 ounces PGE + gold, 4,908 tonnes copper and 3,464 tonnes nickel indicated and 602,550 ounces PGE + gold, 63,153 tonnes copper and 40,534 tonnes nickel inferred.
by Ted Niles