The Swedish-Finnish company Terra Mining Oy will open a gold mine in Pahtavaara in Finnish Lapland, where production will begin in about one year.
The mine will employ 50 people and require an investment of 70 million Finnish markka (US$14.9 million), of which the Finnish government will contribute 16.5 million markka (US$3.5 million), Agence France Presse reports. The estimated mine life is 57 years.
Financing for World Wide
Toronto-listed World Wide Minerals is raising $150,000 in connection with its acquisition of several gold projects in China.
The company has completed a private placement of 600,000 shares at 25 cents each, and it can issue an additional 400,000 shares at 25 cents each at any time until March 23.
The projects are held by Taishan Gold, which World Wide is acquiring from Targa International.
In other news, World Wide has optioned four more large concessions in southern Ecuador. The company now holds seven properties in the country, encompassing about 70 sq. miles. (These are far-removed from the border conflict zone, and no impediments to the operations are foreseen.) Meanwhile, in Nevada, World Wide plans to resume drilling soon on the Easter project.
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