Plexus financing (April 20, 1987)

An $11-million equity offering is being planned by Plexus Resources, the company says. The financing will follow upon the completion of contracts being prepared between the company and Kennecott which will allow for the development of the Rawhide gold property in Nevada.

Kiewit Mining Group, a private U.S. company, is a joint venture partner with Plexus on the Rawhide project. Plexus has the right to earn a 24.5% interst in the property, which hosts reserves of 24 million tons grading 0.045 oz gold per ton and 0.47 oz silver.