Allied Nevada has reactivated the Hycroft Mine and expects to begin gold production in the fourth quarter of 2008, reaching full production capacity in the second quarter of 2009. Once at full capacity, the Mine will produce approximately 100,000 ounces of gold per year.
Allied Nevada Gold to raise C$100 mln in public offering at C$9/share
14th Aug 2009, 1:46 pm
Allied Nevada Gold Corp (TSX, NYSE Amex: ANV) announced today that it has entered into an agreement with a syndicate of underwriters co-led by GMP Securities LP and Genuity Capital Markets for a public offering of 11.15 million common shares priced at C$9.00 each to raise C$100.35 million before expenses.
The group plans to use the new funds for exploration and general corporate purposes.
Allied Nevada is a gold mining company that operates the Hycroft mine, located near Winnemucca, Nevada, and also has a number of prospective exploration claims in the state. The Hycroft mine is expected to produce approximately 80,000 - 87,000 ounces of gold in 2009 at a cost of sales per gold ounce of US$460 - US$480.
Exploration at Hycroft in 2009 will be focused on identifying additional oxide ore reserves that can extend the mine life and continuing to assess the economic potential of the sulfide mineralization that has been identified.
No investment advice
The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.
You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.
From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.
