Holmer Gold Mines Ltd. has announced plans to undertake a $500,000 drill-test program at its Timmins Gold Project in Bristol Township. The company announced completion of private placement financing of 2.5 million units to raise gross proceeds of $500,000, the net proceeds which will be used to fund a fill-in drilling program. They believe there is high potential for discovery of further mineralization on the property.
After preliminary drilling, a feasibility study will commence this summer and should be wrapped by the end of the year. The company says great potential exists for an open pit-underground gold mine.
The property sat idle since November 2000 when another junior, St. Andrew Goldfields Ltd., failed to complete expenditure commitments under an option.