Altavista raises funds for Santa Anna drilling

Altavista Mines (AIA-M) has raised a total of $829,000 to finance the latest phase of drilling at its Santa Anna gold project in northwestern Quebec.

Altavista closed on an initial $429,000 of a $650,000 private placement, resulting in the issuance of 536,250 shares. Another $400,000 was raised in a second financing through privately held Caratax Ltd., for which 571,429 units were issued. Each unit consists of one share and half a warrant, with each whole warrant entitling its holder to purchase an additional share at $1.15 for 18 months.

At Santa Anna, a 4,000-metre drilling campaign designed to boost resources into the proven and probable reserve categories is now under way. Resources at Santa Anna are pegged at 1.6 million tonnes grading 3.18 grams gold per tonne for 150,000 contained ounces of gold.