Queenston Mining, which is exploring a series of properties in the Kirkland Lake camp, has completed a $20.1-million private placement financing first announced Nov. 8.
This gives Queenston working capital of approximately $90 million, and proceeds from this round of financing will be used to continue the company’s Kirkland Lake exploration properties.
Queenston has plans to spend $20 million in the world-famous gold camp through 2011. The objective is to advance its five, fully owned gold projects – Upper Beaver, Upper Canada, McBean, Anoki and Bidgood – towards feasibility and production.
The company recently entered into a strategic alliance with Agnico-Eagle Mines Limited to achieve this goal, signing separate deals for a $35-million cash investment, and access to its geological and engineering mining team.
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