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Wednesday, 4th July 2007 (4479 views)

Canadian exploration company Buffalo Gold has announced the closure of a private placement financing deal with Kinbauri Gold.

The deal sees Buffalo take a 25.4 per cent strategic interest in the gold mining company, along with 11,000,000 common shares and 5,500,000 share purchase warrants.

Shares were priced at CAN $0.50 (£0.23) per unit and the deal was worth CAN $5.5 million.

"In conjunction ... Kinbauri has received conditional approval for the acquisition of the El Valle Mill and Mine, Carles Mine, auxiliary facilities and La Brueva and Godan properties in the Rio Narcea Gold Belt of Asturias, north-western Spain," a Buffalo statement noted.

According to Kinbauri, the El Valle and Carles mines have combined measured and indicated resources of 477,000 ounces of gold.

Buffalo has a number of gold projects in Australia.

 

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