A gold mine being developed in Northern Manitoba, Canada, has some more elbow room thanks to a deal with an Australian resources fund. Winnipeg Free Press reported on Friday that the Pacific Road Resources Fund has agreed to invest up to $40 million in Mega Precious Metals Inc (TSXV:MGP), an Ontario-based company trying to put the Monument Bay project into production.
As quoted in the press release:
The company’s exploration work to date estimates the resource could contain 3.6 million ounces of gold. In February, Mega announced there may also be tungsten deposits.
The initial funding will go toward producing a preliminary economic assessment and a pre-feasibility study, all stages along the way for a mine to justify the various permits it will require as well as proving its economically viability.