Kaminak Announces Coffee Gold Project Budget

Kaminak Gold (TSXV:KAM) announced the Board of Directors approved a $29 million 2016 budget in support of its development-track Coffee Gold Project located south of Dawson City, Yukon.
CEO Eira Thomas said:

Kaminak has embarked upon another busy year at Coffee, and with the recent, accelerated exercise of outstanding warrants, we remain well financed to achieve all of our objectives for 2016 and beyond. Initiating the permitting process for our first gold mining opportunity remains a top priority, but exploration to realize some of the significant resource expansion potential that exists proximal to the main resource area and regionally within the under-explored Coffee gold district, is also an important theme. We are excited to be getting back to our exploration roots and focused on making new gold discoveries in 2016.

As quoted in the press release:

Additional cash proceeds of $14.4 million from the accelerated expiry of warrants provides sufficient funding for all of 2016’s activities including corporate general and administrative expenses (G&A). We expect to end fiscal 2016 with a cash balance of approximately $9.0 million.

Click here for the full press release.