Queenston Mining Inc.'s exploration efforts in the Kirkland Lake camp is getting a major boost from Agnico-Eagle Mines Limited, which has made an investment of $35 million in the company.
The non-brokered private placement sees Agnico-Eagle snapping up more than 6.6 million shares at $5.30 apiece, netting an 8.83 per cent stake of Queenston's issued and outstanding shares and 11.47 per cent on a fully diluted basis.
A separate agreement has also been made, giving Queenston access to Agnico-Eagle's geological and engineering mining team.
Proceeds will go towards advancing Queenston's Kirkland Lake projects toward the development stage. Queenston currently has 14 drills turning in the camp, working on mineral resource definition, advanced exploration and grassroots exploration.
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