Northfield Minerals raises funds for programs at four properties

Private placement financings have enabled Northfield Minerals (TSE) to fund work programs at four of its properties.

Northfield has raised $2.5 million through the issuance of 3.6 million common shares. The company has earmarked the bulk of the proceeds for work programs at the Macuchi and Nambija Uno projects in Ecuador, the Remance mine in Panama and the Cheminis mine in northern Ontario. The funds will also be used for general working capital.

The Macuchi drill program is under way.

The 50-sq.-km property contains the Mercedes mine, from which 435,000 tonnes grading 4.7% copper, 11.5 grams gold per tonne and 66 grams silver were extracted between 1940 and 1946. The mine sits in a 12-km-long, mineralized horizon in andesites, which has several other gold and gold-copper occurrences in stockwork veins and brecciated massive-sulphide bodies.

The drilling programs at Nambija Uno and Remance will begin shortly. The Nambija Uno property, on which Northfield can earn a 65% interest, surrounds the Condominio concessions, which have yielded more than 2.2 million oz. gold since 1982. The Remance mine, of which Northfield owns 80% and holds an option to acquire the remaining 20%, has been operating since 1990. Current production is 250 tonnes per day with a recovered grade of 5.8 grams gold per tonne.