GOLDSOURCE MINES, the Canadian Company conducting exploration for gold at Eagle Mountain, Mahdia, Region 8 (Potaro/Siparuni), earlier this week announced that it had raised Cdn $6.7M in the sale of shares for funding development and capital costs for mine and processing plant construction for the  project.The company had announced an  arrangement for the sale of shares through  a non-brokered private placement  targeting   between Cdn $6M and $7.5M on December 9 last.
It announced the achievement  of the sale of 44,453,166 units at a price of $0.15 per unit for gross proceeds of  Cdn $6,667,975  earlier this week.
“This financing will provide Goldsource with sufficient funds to complete the Phase I mine development and place the Eagle Mountain Gold Project into production,” President YannisTsitos disclosed.
He disclosed that the Eagle Mountain Project  has additional development phases outlined in the Preliminary Economic Assessment (PEA) to increase production once initial success in Phase I is achieved.
Sustaining capital and future expansions are intended to be paid for through operating cash flow.
He added, “We are very excited at the prospect of Goldsource becoming a low cost producing gold company in 2015.”
The   Eagle Mountain Project, it has been disclosed, has a resource of 188,000 ounces of gold indicated and 792,000 ounces inferred.
This   information was disclosed    in compliance  with National Instrument NI 43-101 Standards of Disclosure for Mineral Projects required  by  the Canadian Securities Administrators .
The Company had concluded that the  Preliminary Economic Assessment (PEA) results indicated that the project has low capital and operating costs, minimszed technical risk , a short development timeline and very attractive rates of return.
In August last , Goldsource Mines joined forces with   local company Kilroy Mining Inc to fast track medium scale gold  mining at Eagle Mountain.