Toronto-based gold junior Orford Mining (TSX-V: ORM) has completed its acquisition of privately held Condor Precious Metals Inc., which holds $1.25 million in cash and marketable securities plus two royalties on previously-owned exploration properties in Colombia.
Orford has issued 5.03 million shares and 1.25 million warrants to Condor shareholders, with each full warrant exercisable into an Orford share at 29¢ per warrant.
Orford says it will use the influx of cash to fund exploration at its gold projects in the Carolina gold belt in the U.S. and in northern Quebec’s Cape Smith belt, as well as for general corporate purposes.
Orford has entered into an option agreement with privately held Carolina Gold Resources to earn a 70% interest in the Jones-Keystone property in North Carolina and the Landrum-Faulkner property in South Carolina.
The company says that at Jones-Keystone, mineralization is exposed at surface and historical drilling has yielded multiple drill hole intercepts in the 1 to 3 grams gold per tonne range, including an interval of 1.56 grams gold per tonne over 54 metres core length.
In mid-July, Orford closed a portion of a non-brokered private placement of 2.8 million flow-through shares at 24¢ apiece for gross proceeds of $683,000, with the funds earmarked for exploration at its Quebec properties.
Orford is led by president and CEO David Christie.
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