Ascot Resources (TSX: AOT) is targeting an August return to production for its Premier gold project in northwestern British Columbia following the completion of a C$61.1 million ($44m) financing to support the mine’s restart.
In an update provided Tuesday, the Vancouver-based miner said the funding would allow it to address the critical issue of power capacity by ordering a new transformer for the Premier Northern Lights (PNL) workings that would allow several pieces of equipment to operate simultaneously.
In addition, Ascot will be expanding the camp space at the Premier site by 100% to accommodate additional personnel as it moves towards mine restart.
Shares of Ascot Resources fell 5.3% by 11:00 a.m. ET after this update, giving the company a market capitalization of C$128 million ($92m).
Located 25 km from the town of Stewart, BC, the Premier gold project is home to what was once the largest…
