AuTECO Minerals Ltd (ASX:AUT, OTC:MNXMF) incoming MD Steve Parsons speaks with Proactive following the news the company has raised $55 million in a fully underwritten two-tranche share placement. Proceeds will be used to fund the acquisition of the Green Bay Copper-Gold Project in Newfoundland, Canada. The project includes the Ming Mine and Nugget Pond processing facility previously operated by Rambler Metals and Mining Canada Limited, a subsidiary of previously AIM-listed Rambler Mining and Metals PLC. The acquisition transforms AuTECO into a significant copper company, with Green Bays current resources standing at 811,000 tonnes of contained metal at a significant grade of 2.1% copper equivalent.
Green Bay is an exceptional acquisition opportunity, and we were extremely fortunate to be given the opportunity to acquire this asset via the administration process, Parsons said.
It is very rare for a copper asset of this size and grade with a resource of this magnitude and such immense growth potential to come up anywhere in the world, let alone in a tier-one mining location like the province of Newfoundland and Labrador.
The potential to grow the mineral resource quickly is abundantly clear, with extensive high-grade mineralisation intersected down-plunge and highly promising exploration upside in positions parallel and along strike from the existing resource.
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AuTECO Minerals Ltd