Gold Price Hike Helped Luminex Resources Raise C$12.5 Million to Fund Drill Program, CEO Says

Gold Investing
Gold Price Hike Helped Luminex Resources Raise C$12.5 Million to Fund Drill Program, CEO Says

“I think if we have (these) continuing levels of gold price, it should be good for the market … we've seen the majors and mid-tier producers move up. Hopefully we'll see that with stock in the junior developers and junior explorers,” said Luminex Resources CEO Marshall Koval.

Luminex Resources (TSXV:LR,OTCQX:LUMIF) CEO Marshall Koval said the rising price of gold helped the company secure financing for a 10,200 meter drill program at the Condor project in Ecuador.

Over the last couple of months, the price of gold has moved up to more than US$2,000 per ounce and has pushed close to record highs, said Koval. “It really helped us. We were able to raise C$12.5 million in a really down market back about three months ago. So we've got funding for the next year ahead of us.”

In February, Luminex closed brokered and non-brokered private placements with gross proceeds of approximately C$12.5 million. In addition to funding its drill program, Luminex intends to use the capital to update the mineral resource estimate for Condor.

Koval, who’s also on the board of Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX), said a continuing gold price hike would be good for the resource market, and he hopes to see junior developers and explorers move up like the majors and mid-tier producers.

Watch the full interview with Luminex Resources CEO Marshall Koval above.

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