Business
Red Eagle Mining Reports Q2 2017 Financial Results
Red Eagle Mining Reports Q2 2017 Financial Results.
About this update from Red Eagle Mining Corp
[{"type":"text","content":"\n\n VANCOUVER, British Columbia, Aug. 15, 2017 (GLOBE NEWSWIRE) -- Red Eagle Mining Corporation (TSX:R) (BVL:R) (OTCQX:RDEMF) is pleased to announce financial results for the three and six months ending June 30, 2017 and business highlights to date including:\n Closed C $30 million rights offering to fund the add-on paste backfill plant and to provide working capital before gold production resumes (news releases dated June 26, 2017 and August 11, 2017); Commenced detailed underground stope delineation drilling program (news release dated August 1, 2017); Greenfields exploration discovery of multiple parallel high-grade veins at the Santa Rosa Gold Project within five kilometres from the completed Santa Rosa mill (news release dated July 10, 2017); Monthly repayment of the credit facility deferred until April 1, 2018 (news release dated June 29, 2017); Initial sampling announced from the Machuca Zone at Red Eagle Mining’s controlled public subsidiary Red Eagle Exploration Limited’s California Gold Project (news release dated June 28, 2017).  Sampling encountered a higher grade mineralized zone with a total strike length of 45 metres which is open in all directions.  The average composite grades along the two metre width of the drift were 9.8 grams per tonne gold and 221.1 grams per tonne silver; Acquired the high-grade California Gold Project through Red Eagle Mining’s controlled public subsidiary Red Eagle Exploration Limited (news releases dated February 15, 2017 and March 15, 2017); Closed bought deal equity financing with BMO Capital Markets for gross proceeds of C $17 million including the entire over-allotment option (news release dated February 21, 2017); and Completed 2016 detailed stope delineation drilling from surface at the San Ramon Gold Mine.  Results from the delineation drilling exceeded expectations with many intercept grades significantly higher than the reserve grade of 5.2 g/t Au.  (news release dated January 17, 2017). Operations Update Mine Development Underground development advanced well in competent granodiorite without support.  The main and secondary ramps have advanced four kilometres from the portal providing access to the -100, -125 and -150 metre levels, measured from surface.  Gold grades in the production headings ...