Filon Sur S.A., the 25%-owned Spanish gold and silver mining subsidiary of Caledonia Resources (TSE), enjoyed record profits of $1.6 million in 1993.
Filon operates an open-pit, heap-leach gold and silver mine in Huelva province, in southern Spain. Drilling is under way to expand reserves, most of which are in gossan-type deposits.
In other news, Caledonia has retained financial adviser IBK Capital to place up to 3 million units. Each unit consists of one Caledonia share and one warrant. IBK has already placed 2.4 million units through private placements for gross proceeds of $6.3 million.
The proceeds will be used to fund further diamond exploration, extend interests in affiliated companies and acquire more properties. Sale of the units is expected to close in mid-April.
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