CANADIAN Mining Company SACRE Coeur Minerals Ltd., operating in the Mazaruni area of Region 7 (Cuyuni/Mazaruni), has announced that it has closed an additional small, non-brokered private placement of shares which has raised gross proceeds of Cdn$187,200 to be used to further develop its properties in Guyana, and for general working capital purposes.

Under the terms of that private placement, the company said, it issued 1.25 million shares at a price of 15 Canadian cents each with intention to minimize or avoid additional equity issues, and to rely, “to the extent possible” on production revenue to finance its programmes going forward.
Sacre Coeur presently holds 100% interest in approximately 850 sq. km of mineral properties in Guyana, including the Million Mountain Property (Mazaruni) which hosts a certified hard-rock resource of 12,119,285 tonnes grading at 1.0 grams per ton gold (g/t Au) Measured, and 2,175,278 tonnes grading 0.9 g/t Au Indicated, for a total of 451,000 tr oz Au combined.
The company recently disclosed that, for the September quarter, it produced and sold a total of almost 597 troy ounces of gold from its alluvial operations in Guyana for an average of 49.7 troy ounces per week, citing continued improvement in production and cost performance.
Alluvials refer to clay or silt or gravel carried by rushing streams and deposited where the stream slows down, such as in valleys or at the bases of mountains.
The allluvial mining programme is being carried out on deposits in the vicinity of its hard-rock resources and exploration targets, the company has said.
Officials stated that operating availability rose to 66.8%, including time lost due to mechanical interruptions and moves & setups.
Daily production per 20hr actual operating day rose to 10.63 tr oz per operating day.
Cash Operating Cost for the twelve-week period was
US$495.12 per tr oz. Royalties and production taxes amounted to an additional US$146.52 per tr oz, providing a cash margin of US$1,012.10 per tr oz produced and sold at the weighted average sales price realized of US$1,653.74 per tr oz, or US$603,667 net cash flow for the period.
Fineness of gold produced during the twelve-week period remained steady at 96% fine gold.
“We are very pleased that our elluvial/alluvial production operation from a single production unit is continuing to improve, and is now producing gold at very competitive costs, and delivering consistent operating results. We look forward to further increasing output in the near future,” officials had disclosed.
The latest offering still needs final documentation as well as regulatory approvals to close.