An operating profit was generated by the Grant gold mine, owned 100% by Silverado Mines Ltd. (VSE). Located in Alaska, the Grant mine produced 856 oz of gold in April which resulted in an operating profit of $60,000(US), the company says. Mine performance in the month of May is expected to match that in April.
Exploration work on the Lois zone has identified a gold-bearing shear. Trenching and sampling of the zone yielded assays ranging from 0.01-5.5 oz gold per ton. The Lois zone is located 1,200 ft west of the zones currently being mined. Several other targets on the property are also yielding encouraging results. On the Ready Bullion zone, located two miles southwest of the mine, surface samples assayed up to 0.94 oz.
A financing agreement has been completed which will raise $425,000 from the placement of 500,000 units at a price of 85 cents per unit. The proceeds will fund exploration work.
Be the first to comment on "Silverado mine profit"