{"id":1132354,"date":"2019-08-13T14:32:19","date_gmt":"2019-08-13T19:32:19","guid":{"rendered":"https:\/\/resourceworld.com\/?p=56318"},"modified":"2019-08-13T14:32:19","modified_gmt":"2019-08-13T19:32:19","slug":"lundin-company-filo-mining-raising-40-million","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1132354","title":{"rendered":"Lundin company Filo Mining raising $40 million"},"content":{"rendered":"<p><strong>Filo Mining Corp.<\/strong> [FIL-TSXV, NASDAQ First North] is moving to raise $40 million to fund exploration and development at its 100%-owned Filo del Sol Project, which straddles the border of Region 111, Chile and San Juan Province, Argentina.<\/p>\n<p>Filo Mining is a member of the Lundin Group of companies. The Filo del Sol Project is a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry gold system.<\/p>\n<p>Filo said it has struck a deal with an underwriting syndicate led by BMO Capital Markets, which has agreed to buy 7.27 million Filo shares on a bought deal basis at $2.75 per share. Gross proceeds are expected to be $20 million. A Lundin Family-related trust has agreed to purchase approximately $5 million worth of the shares that are being offered in the financing.<\/p>\n<p>Concurrently, a Lundin Family-related trust has agreed to buy on a private placement basis, approximately $20 million worth of common shares on the same terms. The underwriters have been granted a greenshoe option to purchase an additional 15% of the offering for up to 30 days after the closing date of the offering.<\/p>\n<p>News that Filo is raising $40 million came after the close of trading on North American markets, August 12, 2019. When trading in the shares resumed on Tuesday, the shares eased 11.18% or 34 cents to $2.70. The shares are currently trading in a 52-week range of $2 and $3.25.<\/p>\n<p>Filo recently announced impressive results in the final assays from a 2019 drill program at Filo del Sol.<\/p>\n<p>The seven holes drilled during the past season extend along a north-south distance of 1,800 metres, and all intersected high-grade mineralized zones and ended in mineralization, with the exception of FSDH031, the company said in a press release that was issued after the close of trading on May 28, 2019.<\/p>\n<p>Highlights include drill hole FSDH030, which returned 378 metres of 0.44% copper and 0.89 g\/t gold, including 12 metres of 12.60 g\/t gold, 0.54% copper and 260 g\/t silver.<\/p>\n<p>The Filo del Sol Project is located in the Andes Mountains, 140 km southeast of the Chilean city of Copiapo and was recently the subject of a pre-feasibility study that is based on proven and probable reserves of 259.1 million tonnes, grading 0.39% copper, 0.33 g\/t gold, 15.1 g\/t silver, or 2.2 billion pounds of copper, 2.7 million ounces of gold and 126 million ounces of silver.<\/p>\n<p>The prefeasibility study envisages annual production of approximately 67,000 tonnes of copper (including copper as a precipitate), 159,000 ounces of gold and 8.6 million ounces of silver at a cost of US$1.23 per pound of copper equivalent.<\/p>\n<p>The pre-production capital cost is estimated at $1.27 billion. Over a 14-year mine life (including pre-stripping) the operation is expected to produce almost 1.75 billion pounds of copper as cathode, and 1.92 million ounces of gold and 104 million ounces of silver as dor\u00e9 bars over a 13-year leach feed schedule.<\/p>\n<p>Additional copper is also expected to be recovered as high-grade copper precipitate.<\/p>\n<p>The prefeasibility study contemplates that Filo del Sol would be mined using conventional open pit methods. It is forecast that ore would be trucked from the open pit to a conventional two-stage crusher, designed to process 60,000 tonnes per day of ore, followed by hydrometallurgical processing to produce copper cathodes and gold-silver dore.<\/p>\n<p>That material would be transported by truck to Puerto Caldera, which is located approximately 245 km by road from the plant site.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Filo Mining Corp. [FIL-TSXV, NASDAQ First North] is moving to raise $40 million to fund&#8230;<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[622],"tags":[33,48,102],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1132354"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1132354"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1132354\/revisions"}],"predecessor-version":[{"id":1132355,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1132354\/revisions\/1132355"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1132354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1132354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1132354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}