Make Kitco Your Homepage

AngloGold Ashanti Ups Pure Gold Stake

Kitco News

Ontario-focused junior Pure Gold (CVE:PGM) raised $34.8 million in financing, the company announced Monday.

Sprott Capital led a bought-deal private placement of $24.9 million. AngloGold Ashanti also added to its ownership purchasing 11.6 million company units for $9.95 million.

Funds will be used for exploration and general corporate purposes.

AngloGold currently owns 14.3% of Pure Gold.

Pure Gold is exploring the Madsen Gold Project in Red Lake, Ontario. A feasibility study published by Pure Gold found a probable mineral reserve of 3.5 Mt at 9.0 g/t containing 1.0 million ounces of gold.

On its website Pure Gold said its Madsen Red Lake Gold Project has the 11th highest grade out of 132 projects around the globe.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News