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Black Dragon Gold (ASX:BDG) gets ready to raise capital

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ASX:BDG      MCAP $4.741M
16 November 2021 16:59 (AEST)
Black Dragon Gold (ASX:BDG) - CEO, Paul Cronin

Source: 121 Mining Investment Events

Black Dragon Gold (BDG) has entered a two-day trading halt as it gears up to raise some much-needed extra capital.

The European gold miner has halted its securities from trading on the ASX until November 18 so it can finalise a capital raising effort.

The company ended September with just $853,000 in the bank, having spent $577,000 on operating expenses during the same three month period.

At that rate of spend BDG only has enough funds to keep it running for an additional 1.5 quarters of growth.

Black Dragon Gold is currently focused on advancing its Salave gold project in Northern Spain, which has a Measured Mineral Resource of 1.03 million tonnes at 5.59 grams per tonne gold for 190,000 ounces.

The company recently submitted an Environmental Impact Assessment for the gold asset and is also advancing a Preliminary Economic Assessment (PEA).

The PEA includes some of the modifications necessary for the environmental approval and is the final step before BDG begins a Definitive Feasibility Study for Salave.

Before today’s trading halt, Black Dragon Gold had been trading at 7.3 cents per share on Monday, November 15.

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