North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Brazil Resources Inc. Feb. 29 said it has increased a previously announced C$2 million private placement financing to C$3.7 million, or 8,222,222 common shares at C45 cents per share.

The company has already closed an initial C$3.4-million initial tranche of this financing, issuing 7,540,050 shares at C45 cents per share.

Brazil Resources intends to use the net proceeds from the financing to advance its existing property portfolio, acquire new projects and for general working capital purposes.

Brazil Resources Chairman Amir Adnani said, "This financing positions us well to further execute on our business strategy of expanding our gold resources at a significant discount to their replacement value." The Whistler copper-gold project in Southcentral Alaska is listed near the top of the company's key assets.

Following the purchase of Whistler last July, Brazil updated the resource for the project.

According to the estimate, the Whistler deposit hosts an indicated resource of 79.2 million metric tons averaging 0.51 grams per metric ton (1.28 million ounces) gold, 1.97 g/t (five million oz.) silver and 0.17 percent (302 million pounds) copper, or 2.25 million gold-equivalent oz.; and an inferred resource of 145.8 million metric tons grading 0.40 g/t (1.85 million oz.) gold, 1.75 g/t (8.2 million oz.) silver, 0.15 percent (467 million lbs.) copper, or 3.35 million gold-equivalent oz.

Author Bio

Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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