VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 9, 2017) - Candelaria Mining Corp. (TSX VENTURE:CAND) (OTCQX:CDELF) (FRANKFURT:29LN) ("Candelaria" or the "Company") is pleased to announce that it has closed its previously announced private placement of 10,120,000 common shares of the Company to Agnico Eagle Mines Limited ("Agnico") for total gross proceeds of C$9,765,800 (the "Private Placement"). As a result of the Private Placement, Agnico now owns approximately 9.95% of the common shares of Candelaria. For additional information regarding the Private Placement, please see the Company's news release dated June 6, 2017.
Candelaria intends to use the net proceeds of the investment for infill and definition drilling to enhance the classification and extension of Caballo Blanco's current mineral resource, exploration of highly prospective targets within the Caballo Blanco claim area, further technical and optimization studies, payment of final amounts owed to Alio Gold Inc. (formerly known as Timmins Gold Corp.) in connection with the acquisition of the Caballo Blanco gold project and for general working capital and corporate needs.
All shares issued pursuant to the Private Placement are subject to a statutory four month plus one day hold period expiring on October 10, 2017.
About Candelaria
Candelaria Mining is a Canadian-based gold development and exploration company with a portfolio of highly prospective projects in Mexico, one of the world's best mining jurisdictions. Candelaria's 100% owned Caballo Blanco Project hosts NI 43-101 Indicated Resources of 521,000 ounces of gold and 2,170,000 ounces of silver (31,220,000 tonnes grading 0.52 g/t gold and 2.16 g/t silver) and Inferred Resources of 95,000 ounces of gold and 590,000 of ounces silver (8,630,000 tonnes grading 0.34 g/t gold and 2.14 g/t silver). Potential exists to increase these estimated resources through continued drilling and exploration. For more information on resource estimates, please see the Company's news release dated May 8, 2017.
