AngloGold Ashanti Ups Pure Gold Stake
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.