Terrane Raises 100 Million for Mt. Milligan Project

Thursday, March 25, 2010 03:32 PM

Prince George, B.C.- Terrane Metals has raised just over $100 million dollars for the start of construction of the Mt. Milligan mine project and for working capital.

The money comes through a deal with a syndicate of underwriters and Goldcorp Inc. which has them buying shares and warrants.

Under the terms of the agreement, the underwriters led by National Bank Financial Inc. and including Scotia Capital Inc., BMO Capital Markets and Sandfire Securities Inc. will buy $70,000,700 worth of shares, and Goldcorp will provide $30 million in private financing.

Terrane had hoped to start construction this summer, with the mine in actual production by late 2012 or early 2013.

Mt. Milligan, which is 150km northwest of Prince George, will be a conventional truck-shovel open pit mine with a life of approximately 22 years. The project is expected to provide about 400 direct permanent jobs and significant long-term economic benefits for the region.

Previous Story - Next Story

Email |

Print |

Facebook |

Twitter |

Digg |

Del.icio.us

Posted on Thursday, March 25, 2010 03:32 PM in News by 250 News

Return to Home

Comments

Posted by: Mr. PG on March 25 2010 8:09 PM

Excellent news!

Posted by: Palopu on March 25 2010 8:42 PM

This is good news, and depending on the closure of Kemess North could be a perfect fit for those miners at Kemess who will lose their jobs in a few years.

Posted by: He spoke on March 25 2010 9:20 PM

Great news, but I think most of the workers will be coming out of Mackenzie and Ft St James. This deal was made earlier.

Dig it up and cover it up. Theres gold in them there hills.

Posted by: Andyfreeze on March 26 2010 8:12 AM

This mine has been progressing well.
It always takes a very long time to bring a new mine into production.
Goldcorp has been hovering in the background since the begining, waitng for the time to be right and I guess they just decide it wastime to move.
Everything is in place and this one WILL be a mine.
Strong support both from the private sector and the government!
For me,when the goverment dumps 10 million into a road upgrading project for a new mine,it is a good investment for the long term.
In the meantime,a lot of investors have made some serious money without laying out a lot of cash!
Go Terrane!
We need this!