(NewsDirect)
AuTECO Minerals Ltd(ASX:AUT, OTC:MNXMF) incoming MD Steve Parsons speaks with Proactivefollowing the news the company has raised $55 million in a fullyunderwritten two-tranche share placement. Proceeds will be used tofund the acquisition of the Green Bay Copper-Gold Project inNewfoundland, Canada. The project includes the Ming Mine and NuggetPond processing facility previously operated by Rambler Metals andMining Canada Limited, a subsidiary of previously AIM-listed RamblerMining and Metals PLC. The acquisition transforms AuTECO into asignificant copper company, with Green Bay’s current resourcesstanding at 811,000 tonnes of contained metal at a significant gradeof 2.1% copper equivalent.
“Green Bay is an exceptional acquisitionopportunity, and we were extremely fortunate to be given theopportunity to acquire this asset via the administration process,”Parsons said.
“It is very rare for a copper asset of this size and gradewith a resource of this magnitude and such immense growth potential tocome up anywhere in the world, let alone in a tier-one mining locationlike the province of Newfoundland and Labrador.
“The potential togrow the mineral resource quickly is abundantly clear, with extensivehigh-grade mineralisation intersected down-plunge and highly promisingexploration upside in positions parallel and along strike from theexisting resource”.
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