Argonaut Gold is on track to build Canada's next gold mine
(Kitco News) - Argonaut Gold (TSX: AR) today announced that it has completed a private placement with Ausenco for gross proceeds of C$10,000,000, which the company intends to use for Magino construction activities and general corporate purposes.
Pete Dougherty, President and CEO of Argonaut stated, "The private placement by Ausenco aligns our respective companies, as we work together to advance and unlock value of the Magino project. We are very pleased to have a partner with 'skin in the game' as we continue to advance Magino's construction."
Zimi Meka, CEO and Managing Director of Ausenco commented, "With our intimate knowledge of the Magino project, we are excited to partner with Argonaut in building Canada's next gold mine. We are pleased to be a shareholder of Argonaut and look forward to working with Peter and his team to maximise the value of Magino for all shareholders."
Argonaut is also announced that the overall Magino construction project is tracking on schedule and ahead of schedule in relation to logging activities. The company has secured all long lead items and is actively preparing the site for earthworks, which are expected to commence during the second quarter 2021.
Argonaut Gold is a Canadian gold company engaged in exploration, mine development and production. Its primary assets are the El Castillo mine and San Agustin mine, which together form the El Castillo Complex in Durango, Mexico, the La Colorada mine in Sonora, Mexico and the Florida Canyon mine in Nevada, USA. The company also holds the construction stage Magino project, the advanced exploration stage Cerro del Gallo project and several other exploration stage projects, all of which are located in North America.