Wheaton to issue private placement

Junior gold miner Wheaton River Minerals (TSE) plans to issue a private placement of 500,000 units at $1.58 each to raise $790,000.

Each unit will consist of one common share and one warrant. Each warrant can be redeemed for an additional Wheaton share at $1.85 for a period of 18 months following closure of the placement, which is expected Oct. 1. Wheaton’s 85%-owned subsidiary, North American Metals (VSE), has begun a $3.5-million exploration program to increase minable reserves at the Golden Bear mine in northern British Columbia. Underground mining has begun at Golden Bear and is expected to reach full capacity of 365 tonnes per day by the end of September.