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.

Disclaimer: This interview is sponsored by Luminex Resources (TSXV:LR,OTCQX:LUMIF). This interview provides information which was sourced by the Investing News Network (INN) and approved by Luminex Resources in order to help investors learn more about the company. Luminex Resources is a client of INN. The company’s campaign fees pay for INN to create and update this interview.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Luminex Resources and seek advice from a qualified investment advisor.

This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.

LR:CC

gold investing luminex resources otcqx:lumif tsxv stocks tsxv:lr Gold Investing