A recently arranged private placement of 538,462 shares at the price of 65 cents per share will net South Atlantic Ventures (VSE) about $336,000 after commissions.
The placement was purchased by Westmin Resources (TSE) which has entered into negotiations with South Atlantic regarding further participation in the company and its 70% owned Oracle Ridge mine near Tucson, Ariz. The underground mine is expected to produce about 11.3 million lb. copper, 151,000 oz. silver and 2,200 oz. gold per year when it reaches full production.
The remaining 30% of the Oracle Ridge mine is owned by Continental Catalina.
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