Vancouver-based Cradle Mountain Canada (ASE) has completed a private placement of 1.06 million shares at 10 cents per share.
Proceeds of the transaction will be used for working capital and to pay outstanding debts.
Although Cradle has dropped its option on the Susanville property in Oregon, it has a 100% interest in a 421-hectare property adjacent to Cameco’s Contact Lake gold property near La Ronge, Sask. A production decision for Contact Lake, which hosts reserves of one million tonnes grading 9.6 grams per tonne, will likely be made in 1992.
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