El Callao Mining (ECM-V) has completed a $2.5-million private placement with Bema Gold (BGO-T), its largest shareholder.
Proceeds will be used to fund exploration of Lo Increible, the company’s 10,000-ha gold property in Venezuela.
The geological resource, last estimated at 7.1 million tonnes grading 3.63 grams gold per tonne, is being recalculated. The new figure should be ready by March, when the company hopes to proceed with a feasibility study.
Drilling continues, with one rig on the Victoria zone and another on La Cruz.
Both zones remain open along strike and at depth.
Bema Gold owns 50.4% of the shares of El Callao.
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