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Update: Golden Dawn closes mines/mill acquisition, resumes drilling for B.C. gold

Update: On September 7 Golden Dawn Minerals announced it closed the acquisition of the former Lexington and Golden Crown mines and a 200-tpd gravity-flotation plant from Huakan International Mining. The two mines, as well as Golden Dawn’s Boundary Falls project and past-producing May Mac mine, lie within a 15-kilometre radius of the mill.

by Greg Klein | September 6, 2016

Active in a number of fronts in southern British Columbia’s historic Greenwood district, Golden Dawn Minerals TSXV:GOM moves closer to its goal of re-opening former mines. Last week the company signed a definitive agreement to help finance a 100% option on Greenwood project assets that include the former Lexington and Golden Crown mines as well as a mill. The company has also resumed drilling its nearby Boundary Falls project and plans drilling on the May Mac claims immediately north.

Golden Dawn finances option, resumes drilling for B.C. gold

The historic Glory Hole adit on the Boundary Falls property.

A convertible security from Lind Asset Management VI comes with a face value of US$2.4 million, which would bring net proceeds of C$2.4 million. Golden Dawn would use the money plus additional cash on hand to exercise its 100% option with Huakan International Mining. That would cost Golden Dawn C$3.35 million, including a remedial bond of C$450,000.

Boundary Falls drilling will initially test gold-silver quartz veins shown by historic workings on the property’s Amigo area, including the Glory Hole and #1 Tunnel. At May Mac, Golden Dawn has received a permit to build underground drill stations and drill the former mine’s #7 Adit.

In July the company closed the final tranche of a private placement totalling $425,000. Around the same time Golden Dawn signed a metal streaming LOI with RIVI Capital for the Lexington and Golden Crown projects.

Read more about Golden Dawn Minerals.

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