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Kenadyr Mining Arranges Strategic Investment from Zijin Mining Group Subsidiary, Gold Mountain Asset Management Ltd.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) --
About this update from Algo Grande Copper Corp.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) -- Kenadyr Mining (Holdings) Corp. (TSX-V:KEN) (OTC-MKTS:KNDYF) (FRA:KM0) (the “Corporation” or “Kenadyr”) is pleased to announce that the Corporation has arranged a private placement financing with Gold Mountains Asset Management Ltd (“GAM”). GAM is a 100% subsidiary of Jinyu International Mining Co., which is a 100% subsidiary of Zijin Mining Group Ltd (“Zijin”). Zijin is a Shanghai and Hong Kong listed company with extensive interests across a broad range of commodities, and is one of the largest gold producers in China. Dr. Alexander Becker, Chief Executive Officer and Director of Kenadyr states, “This investment by Zijin is indicative of the significant size and grade potential of Kenadyr’s Borubai project and the strategic location. We are pleased to have attracted one of the world’s most important mining companies as a strategic investor and look forward to further collaboration going forward.” The financing arranged is a private placement in of 8,360,000 units at $0.20 per unit for total gross proceeds of $1,672,000. Each Unit will consist of one Common share (an “Offered Share”) and one Common share purchase warrant (a “Warrant”). Each Warrant will allow the holder to purchase one Common share of Kenadyr at a price of $0.35 for a period of 24 months from the date of issuance. Kenadyr's Borubai project comprises a 100-per-cent-owned exploration license covering a contiguous 164-square-kilometre land package that encircles the Zijin/KygysAltyn newly constructed and operational TBL mine, in northern Kyrgyz Republic. According to a news release published by Zijin. on Aug. 15, 2011, the national resources table of Kyrgyz Republic stated that the TBL field contains (C1 plus C2) 8,906,100 tonnes of gold ore (the average grade is 7.23 grams per tonne). The TBL mine is designed to produce 125,000 ounces of gold per annum. The TBL mine deposit is directly adjacent to Kenadyr's initial drill targets, the South Zone and East Zone, which were previously drilled by the Soviets, with drilling on the Bourubai License exceeding 98,000 meters. Readers are cautioned that the historical resource and reserve estimates relating to the TBL mine do not exte...