ECUADOR – Keith Barron, who owns 53% of the outstanding common shares of Aurania Resources, has agreed to loan the company up to $3 million to support exploration at its 100% owned Los Cities gold project.
The chairman and CEO also participated in the company’s rights offering in March that raised $5.25 million. Barron acquired 1.48 million of the 1.95 million shares issued at $2.70 per common share.
The geologist privately co-founded Ecuador gold explorer Aurelian Resources and discovered the Fruta del Norte deposit in 2006. The company was acquired by Kinross Gold in 2008 for $1.2 billion.
Aurania Resources’ Lost Cities-Cutucu project is in the eastern foothills of the Andes mountain range in southeastern Ecuador. So far Aurania has 11 targets for gold-silver mineralization, four copper targets and one silver-zinc-lead target.
On April 9, the company announced it had doubled the size of its Kirus copper-silver target to an area measuring 6 km by 3 km, samples from boulders in streams contain up to 12% copper with 166 g/t silver.
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