Empire Mining (EPC.V) announced they closed a private placement, raising an additional C$1.5M by issuing 15M shares at C$0.10 each. This brings the total treasury position to approximately C$4M, after they raised another C$1.5M in September and received a C$1.5M cash payment from First Quantum Minerals (FM.T).
Empire also announced drilling has started at their Bursa-project in Turkey, where First Quantum Minerals can earn an initial 51% interest by spending C$8.5M on exploration within the next three years. This drill program will consist of ten holes for a total of 3,000 meters.
Geological mapping has defined a porphyry footprint of at least 1500×450 meters at surface and an IP/Resistivity survey outlined a strong chargeability anomaly approximately 800 x 800 meters across.
Disclosure: The author holds a long position in Empire Mining Corp. Please see our disclaimer for current positions.