www.selwynresources.com
Selwyn with its 50% joint venture partner, Yunnan Chihong Zinc & Germanium Co. Ltd., is advancing the Selwyn Project in Yukon and Northwest territories to bankable feasibility and development. Chihong is funding the next $100M of exploration and development activities. Chihong is a fully integrated mining and smelting company based in southern China. Together the partners will seek project financing from Chinese banks.
Selwyn Project hosts perhaps the largest undeveloped zinc-lead deposit in the World. Initial mine development will focus on 16.06M tonnes of high grade Indicated mineral resources grading 10.06 % zinc and 4.23% lead and 26.70M tonnes grading 8.81% zinc and 2.81% lead. Initial mine production is forecast at 255,000 tpa of zinc and 65,000 tpa of lead in concentrate; commencing as early as late 2013, coinciding with forecast shortfalls in mine supply.
Selwyn closes third tranche of special warrant financing, raises $12.7m
Canada-based Selwyn Resources (CVE:SWN), a base metals explorer, said on Wednesday that it has closed its special warrant financing of $12.7 million, having completed the third tranche of its offering.
The mineral explorer managed to raise an extra C$0.9 million from the sale of 3.9 million special warrants. With the closing of its third tranche, Selwyn raised a total of C$12.7 million.
Each special warrant will be exercisable into one common share and one half of one common share purchase warrant. Each whole warrant endows the holder the right to purchase one common share at $0.40 cents for a period of 24 months after the closing date of the offering.
On May 27, the company closed the first part of the special warrant offering, first announced in late March, with the second tranche closing just days later.
Selwyn reported last week that it had completed its $10 million acquisition of ScoZinc, which owns the Scotia lead-zinc mine in Nova Scotia.
The acquisition of the Scotia Mine will provide Selwyn with an opportunity for growing the company, expanding its management team, and providing cash flow to fund the development of its Selwyn project in the Yukon, the company said.
