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Emgold Provides Properties Update and Closes $285K Private Placement; Shares Down 18%

By: MT Newswires
Posted: 2/1/2013 3:46:00 PM
Referenced Stocks:

Emgold Mining Corporation (EMR.V) provided an update on its exploration and development properties and its recently announced private placement.

Permitting activities associated with the Idaho-Maryland Project remain on hold pending the resurgence of the junior mining equity markets. Emgold reiterates that, despite the current price of gold, financing for projects in the junior mining sector is extremely difficult.

Emgold completed a diamond drilling program on the Stewart Property in late 2012 and is in the process of acquiring the Buckskin Rawhide East Property from two underlying owners.

Emgold also announced it has closed a previously announced private placement for gross proceeds of $285,000.

The proceeds of the private placement will be used for fees associated with the Buckskin Rawhide East Property transactions, exploration of Emgold's Nevada and B.C. properties, and for general working capital.

ENR shares lost a penny to $0.045.