The article is from the 9th and mentioned on the other site on the 12th. This is good exposure in my opinion because it's a deal at this price. And even the reward far out weighs the risk IMO at this SP.
https://www.finanznachrichten.de/nachrichten-2013-12/28839981-colossus-minerals-fehlen-70-mio-dollar-fuer-das-serra-pelada-projekt-463.htm
Actually Colossus Minerals (WKN A0MVYG) would have already completed the mine on its Serra Pelada project (gold and platinum metals) in Brazil. But it was different and now missing $ 70 million to complete the construction of the mine.
Mine site
The company had to fight since the middle of the year, especially with problems with the water table, which led to delays in the construction. At the same time it was necessary to postpone the date of the completion of a resource estimate.
Mid-November, had stated that the production could not be achieved before the second quarter of 2014 and we need additional capital Colossus.Just one day later, announced the withdrawal of CEO Claudio Mancuso and appointed in its place the former CFO David Massola.
According to an estimate published last Friday Colossus now requires only 70 million dollars to bring the mine at Serra Pelada to production. The company said that it had already addressed important shareholders to support, but not yet an additional funds could be raised.
Colossus in 2012 had completed a deal to purchase the future gold production from Serra Pelada in the amount of 60 million dollars with Sandstorm Gold (WKN A1JX9B), but explained that this time using a different approach should be adopted. Sandstorm known for its part, announced they would investigate a possible write-downs relating to the deal.
Colossus even announced that they would stop the underground development and focus on publishing a resource estimate by the end of December. At the same time you'll look around for short-term financing.
In November, the company announced that it had already spent $ 90 million for the Serra Pelada project. This will initially start with a capacity of 250 tons per day, which should then be expanded to 1,000 tonnes per day. The project had repeatedly performed spectacularly in the past drilling results in a high grade zone, including but not 71 meters with 53.59 grams gold, 20.77 grams of platinum and 31.3 grams per tonne palladium.
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