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Rosita Mining Announces $750,000 Private Placement, Financing to Advance Santa Rita Stockpiles Project in Nicaragua
(via Thenewswire.ca) Toronto, Ontario / TheNewswire / April 5, 2016 - Rosita Minin...
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[{"type":"text","content":"Rosita Mining Announces $750,000 Private Placement, Financing to Advance Santa Rita Stockpiles Project in Nicaragua(via Thenewswire.ca)\n \n \nToronto, Ontario / TheNewswire / April 5, 2016 - Rosita Mining Corporation (RST: TSX-V) (\"Rosita\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Private Placement\") of up to 15,000,000 units (\"Unit\") at a price of $0.05 per Unit for gross proceeds of $750,000. \n\n \n \nEach Unit is comprised of one common share and one common share purchase warrant, with each warrant (\"Warrant\") entitling the holder to acquire a further common share of the Company at a price of $0.05 for a period of two years following the date of issuance. A Finder's fee will be paid on the Private Placement. The Private Placement is also subject to the approval of the TSX Venture Exchange.\n\n \n \nUse of Proceeds\n\n \n \nRosita plans to use the proceeds from the Private Placement to advance the Santa Rita stockpile project, located near Rosita, Nicaragua. Work planned will include:\n\n \n \n-Metallurgical optimization test work leading towards a production decision by the first quarter of next year\n\n\n \n-Additional gold leach test work and SART studies for the recovery of copper. \n\n\n \n-Capital and operating cost estimation work\n\n\n \n-Completion of a Preliminary Economic Assessment\n\n \n \nSanta Rita Project\n\n \n \nThe stockpiles at the project were generated over a 17-year operating life from 1959 to 1975 at the Santa Rita open pit mine. A total of 5.4 million tonnes averaging 2.06% copper, 0.93 grams gold and 15.08 grams silver per tonne were mined. Mill recoveries reportedly varied from 60% to 80%, depending on the type of material processed. \n\n \n \nIn addition to the stockpile resources, the concessions also include 13 exploration targets for gold-copper skarn and porphyry mineralization. \n\n \n \nRosita recently completed an updated National Instrument 43-101 (\"NI 43-101\") resource estimate for the surface stockpiles. These total 70.9 million lbs. of copper, 96,660 oz. of gold and 1,520,500 oz. of silver and 46.2 million lbs. of copper, 50,330 oz. of gold and 957,500 oz. of silver in the Indicated and Inferred categories respectively. \n\n \n \nIndicated resources total 6.46 million tonnes grading 0.47 grams gold per tonne, 0.5% copper per tonne and 7....