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Gold/Mining/Energy : ECU Silver Mining Inc -- Ignore unavailable to you. Want to Upgrade?

To: Winzer who wrote (545)	11/26/1999 11:41:00 AM
From: Jean East	Read Replies (1) \| Respond to of 672

ECU Silver completes private placement Gold Mining Company Inc - ECU Silver completes private placement ECU Gold Mining Company Inc ECU Shares issued 40,874,670 1999-11-25 close $0.13 Friday Nov 26 1999 Michel Roy reports ECU Silver Mining Inc. (formerly ECU Gold Mining Company) has completed a private placement financing with the issuance of 12,908,892 common shares for proceeds of approximately $1.975-million (Canadian). In addition, the company issued warrants to the subscribers for the purchase of up to 6,454,446 common shares at 25 Canadian cents per share. These warrants are valid until May 15, 2001. The subscribers were chiefly European and U.S. funds. Net proceeds are being used to purchase additional mining and milling equipment for the company's Velardena silver mine in Mexico; to complete underground development and for working capital purposes. Also included in the placement was the settlement of a $200,000 debenture, which was due to mature in December, 1999. The underground development comprises a two-month program to rehabilitate the San Mateo shaft and a four-month program to deepen the Santa Juana shaft. This will allow access to the primary sulphide ores in the deeper portions of the mine. At the same time, a flotation section is being added to the existing mill for the processing of these sulphide ores. Mining and processing of oxide ores at a rate of about 350 tons per day will continue throughout this period with the expanded mine being fully operational at a rate of about 600 tons per day in the second quarter of 2000. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)