TIMMINS – Work is progressing on the Gowest Gold property north of Timmins thanks in part to an influx of new cash from Pandion Mine Finance LP, a New York based investment firm.
Gowest Gold revealed in a news release this week that Pandion has delivered U.S. $5.6-million as part of a $17.6-million prepaid gold purchase deal with PGB Timmins Holdings, an investment vehicle owned by Pandion.
“In a nutshell, we received funding from a group out of New York to begin the advanced exploration on the Bradshaw Deposit,” Gowest president and CEO Greg Romain told The Daily Press on Friday.
Gowest is a junior gold exploration company working to develop the Bradshaw Gold Project located roughly 30 kilometres north of the built-up area of Timmins. The project, which is part of the well-known North Timmins Gold Project, has more than 400,000 indicated ounces of gold and more than 750,000 ounces inferred.
Gowest is billing its project as the next new mine in the Timmins gold camp and says it will be the first completely new mine in several years. Access to the property runs easterly off from Highway 655. A fleet of heavy construction and haulage vehicles is already at the camp preparing the property for the extraction of a 30,000 tonne bulk sample later this year.
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