Precious metals miner McEwen Mining and its chief owner Rob McEwen will invest a combined C$6-million in Ontario explorer Great Bear Resources, which last week announced a high-grade gold discovery in the Red Lake district.
Rob McEwen has agreed to purchase $4.8-million and McEwen Mining $1.2-million of the TSX-V-listed exploration company’s private placement financing to raise C$10-million. The private placement, announced on Friday, is priced at C$1.45 a unit.
On completion, the two entities will collectively own 18.8% of Great Bear, which Rob McEwen believes could be onto a “significant new gold discovery” in one of Canada’s premier mining camps.
The proceeds from the financing will be used for exploration and drilling in Red Lake, where Great Bear owns the Dixie project.
Last week, the explorer announced that it had intersected 16.35 m of 26.91 g/t gold in a hole in the Hinge zone of Dixie and that a follow-up hole had returned 7 m of 44.47 g/t gold.
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