Premier Gold has raised $32 million in equity financing as the Thunder Bay miner plunges ahead with exploration in northwestern Ontario.

In a Feb. 2 news release, the company announced it has completed its offering of common shares on a 'bought deal' basis. The money is earmarked for working capital but also for ongoing development activities at its Rahill-Bonanza property, a joint venture with Goldcorp in the heart of the Red Lake gold camp.

An underground high-speed tram is being constructed on the property located between Goldcorp's Red Lake mine complex and the soon-to-be-developed Bruce Channel mine. Premier intends to use the tram-way as an underground drilling platform.

Rahill-Bonanza is one of three main exploration projects in the region, including its Hardrock project near Geraldton, and PQ North, situated near Goldcorp's Musselwhite mine.