Issue link: http://resourceworld.uberflip.com/i/1190748
D E C E M B E R / J A N U A R Y 2 0 2 0 www.resourceworld.com 57 are past-producing open pit mines. In September, 2019, the company said it had raised $15.8 million from a bought deal financing consisting of 28.8 million shares priced at 55 cents each. Part of the proceeds will be used to fund accelerated exploration and resource growth at the Black Pine Project, where initial 2019 drill results have confirmed two high-grade oxide gold discoveries within a core per- mitted 7.3 km 2 area. McEwen Mining Inc. [MUX-TSX, NYSE] aims to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer with a focus on the Americas, including the US, Canada, Mexico and Argentina. It's key assets are the San Jose Mine in Santa Cruz, Argentina, the Black Fox Mine near Timmins, Ontario, the El Gallo Fenix Project in Mexico, the Gold Bar Mine in Nevada (currently under construction), and the Los Azules copper project in San Juan, Argentina. Robert McEwen, the Bay Street finan- cier who owns 24% of McEwen Mining, said he hopes to see the company increase its production from 175,000 ounces in 2018 to at least 220,000 ounces by 2020. Nulegacy Gold Corp. [NUG-TSXV; NULGF-OTCQX] recently raised $7.5 mil- lion from a private placement offering of 100 million units priced at 7.5 cents per unit. Proceeds will be used to fund explo- ration at the company's 100%-owned Red Hill property in Eureka County, cen- tral Nevada. Key shareholders, including Barrick Gold Corp. [ABX-TSX; GOLD- NYSE] and OceanaGold Corp. [OCG-TSX; OCGT-ASX], did not participate in the offering. As a result, Barrick and OceanaGold now own 7.86% and 12.2% of Nulegacy respectively. New York-based precious metals equity fund Tocqueville Gold Fund is another key shareholder, owning 9.3%. The Red Hill property is located adja- cent to Barrick's huge Goldrush gold discovery on the Cortez gold trend, an alignment of deposits that ranks among the world's most productive gold mining belts. Drilling (Hole SR17-08C) returned 32.6 metres of 2.05 g/t gold, including 3.2 metres of 14.74 g/t gold and hole RHB- 64 yielded 51.8 metres of 1.27 g/t gold, including 10.6 metres oft 4.51 g/t gold. Paramount Gold Nevada Corp. [PZG- NYSE American] is moving to re-awaken a slumbering gold mining industry in Oregon by developing a small high-grade gold-silver mine in Malheur County, about 25 miles southeast of Vale. If all goes according to plan, the 100%- owned Grassy Mountain Project will be a mid-sized, underground mine that will be accessed via one decline and a system of internal ramps. The company has reached the permitting stage and has submitted its application to the Oregon Department of Geology and Mineral Industries for approval. A Conditional Use Permit has MINING RAMPING UP PRODUCTION TO 3,800 TONNES PER DAY