This funding package, said Ascot chief executive Derek White, will enable the company to undertake mine development activities necessary to advance the Premier Northern Lights (PNL) and Big Missouri (BM) deposits located 25 km from Stewart, BC.
In September, Ascot revealed that the PNL and BM deposits have not been advancing on schedule, leading to insufficient ore feeds to the Premier mill and missed production targets. As a result, it decided to place the Premier project on care and maintenance until further development is completed, which is estimated to take 3-6 months.
At the time, the company had C$15 million in cash, which was enough to endure the suspension of operations for winter season, but additional funding was required to complete the necessary mine development work and restart operations.
Ascot’s shares plummeted to its lowest in over five years (C$0.14) following that announcement, and since then has been…
