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Tuesday, 26th June 2007 (5296 views)

Mineral exploration company Evolving Gold has announced its agreement of a non-brokered private placement with proceeds being used to fund the company's gold mining activities in New Mexico.

The private placement agreement is for up to 12.8 million units at a price of $0.40 (£0.20) per unit, with gross proceeds available up to $5.12 million.

Proceeds from the private placement deal are to be used to fund the company's continued exploration and development of its Malone project in New Mexico and its Fisher Canyon, Siesta and Alpha Butte projects in Nevada.

The funds will also be used for general working capital purposes, Evolving Gold asserts.

Evolving Gold's Nevada projects benefit from high-grade gold vein systems which have produced more than 50 million ounces of gold since their discovery in 1859.

"We believe the discovery of gold mineralisation at Fisher Canyon may open up an entirely new prospective region for development," Evolving Gold notes on its website.

 

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