NEWS ROUNDUP — Orco raises Donalda funding

Proceeds from a $1-million placement with private investors are financing a 20,000-tonne bulk sample at the Donalda gold project at Rouyn-Noranda, Que., Orco Resources (ME) reports.

Bulk-sampling began in early July. Orco is operating the project under an agreement with property-owners Metall Mining (TSE) and Thunderwood Resources (TSE).

Plans call for the milling of 10,000 tonnes at Metall’s Norbec mill before the end of August. The remaining 10,000 will be milled in September. Orco hopes to enter production after completion of the bulk sample. An operation of up to 500 tonnes per day is planned. About 25,000 oz. gold is expected from the first year of production.

An exploration program is also planned. Proven and probable reserves of 661,000 tonnes averaging 8.9 grams gold per tonne (uncut) have been defined by Metall and Thunderwood from underground exploration work.