Santacruz Silver Mining raises $20 million
A mining firm newly established in the venture exchange of Toronto raised $20 million in Canadian currency, Mineweb reports.
Santacruz Silver Mining is looking to finance the growth of its interest in a small silver mine in Mexico, for which the private placement funding will be of assistance.
Formed last year as a publicly-traded company via reverse takeover, Santacruz indicated in anticipates reaching commercial production by early 2013 at the project for silver polymetals in Rosario.
Mineweb projects that money raised is forecast to be of great assistance for the Rosario silver project. Santacruz' probe of the site, which likely involved the contributions, helpfulness and knowledgeable abilities of mine consultants, indicated capital costs are likely to run roughly $11 million, which would mean the funds it raised should be sufficient.
The first year of operation, according to the detailed plan of the company, would kick off with it generating 660,000 ounces of the whitish metal, Mineweb reports. By the fourth year of the plan, the mine would increased that production to generate 2.2 million ounces of silver.
The next several years will see Santacruz necessitating additional funds should it desire to retain all of its properties that are in operation in Mexico, divided among three separate project areas.
Reuters reports the price of silver was driving higher on Thursday, akin to that of the yellowish metal.
Silver's gains brought the whitish metal to shy of $32 per troy ounce while gold was a few dollars short of $1,650 per troy ounce.