With a first quarter cash position of $9.5 million, Euro-Nevada Mining (TSE) considers itself financially equipped to pursue its royalty acquisition strategy.
The Toronto-based affiliate of Franco-Nevada Mining (TSE) owns royalty interests on five properties in the Nevada gold belt. They include a 1.5% net smelter return royalty on Corona Corp.’s (TSE) Santa Fe deposit in central Nevada which is scheduled to go into production in September at a rate of 50,000 oz of gold annually. Incorporated last October, the company also holds a 4.9% royalty interest on Newmont Gold’s Maggie Creek gold mine near Carlin, Nev.
After selling $8 million worth of 6 1/2% Euro-Dollar debentures (convertible at $8 with no interest payable for two years and a 6-year term), the company expects to have $20 million(C) available next year for acquisitions.
On June 30, Euro-Nevada also reported a first quarter net loss of $605,000 on revenues of $146,000.
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