Thursday, 1st June 2006 (2417 views)

Cusac Gold Mines has raised $5.75 million to fund the recommencement of gold production at its Table Mountain project.

The company has now closed the previously announced financing and plans to get work up and running again.

Further exploration is also planned at the nearby Taurus II bulk-tonnage gold target, while the new funding will also pay for ongoing working capital needs.

"This financing is a major milestone for Cusac, as we are now on a path to realising the full potential of the Cassiar Gold Camp," said Cusac chief executive David Brett.

"With gold production recommencing from the historic high grade vein systems on Table Mountain, Cusac will be in an excellent position to explore and advance the emerging bulk-tonnage gold potential at Taurus II."

He added: "I am looking forward to working with the Cusac team to realize our goals for 2006."

Under the financing the company issued 3,749,225 common share units at $0.24 per unit for proceeds of $899,814, 6,657,500 flow through units at $0.27 per unit for proceeds of $1,797,525 and 813 convertible debentures at $3,750 per unit for proceeds of $3,048,750.

 

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