Updated reserves have been announced by Skyline Explorations for its Reg property in northwestern B.C. Measured reserves are now 121,330 tons grading 1.25 oz gold and 2.1 oz silver. In addition, 161,910 tons averaging 0.75 oz gold and 0.97 oz silver are classified as drill-indicated and 655,000 tons grading 0.65 oz gold and 0.66 oz silver as drill- inferred.
Mill construction is scheduled to begin by mid-August and Stage I approval has been received from the provincial government. Regarding production financing, Skyline has entered into an agreement with Pemberton Houston Willoughby Bell Gouinlock. The offering involves 1.2 million special warrants at $13 each by way of a private placement. A company director, Ronald Shon, has agreed to advance up to $6 million through a debenture which will be repaid from cash flow. All the funds will be used to place Skyline’s Reg property into production.
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