Junior Breakwater Resources (BWR-T) has raised sufficient funds to start up the Caribou base metal mine in New Brunswick.
The sale of 14.4 million shares at $2.15 each has closed, raising gross proceeds of $31 million. A placement of 1.6 million flow-through shares at $2.35 each was also closed.
The funds will be used to bring the Caribou mine, 50 km west of Bathurst, N.B., into production in mid-1997. The Restigouche deposit, 30 km west of the mine, will be used as a secondary feed source.
A feasibility study, prepared by Kilborn SNC Lavalin, estimates that during the first full year of production, Caribou and Restigouche will produce concentrates amounting to 129 million lb. zinc, 78 million lb. lead and 2.2 million oz. silver.
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