(Ecofin Agency) - Mining firm Gryphon Minerals raised AU$4.4 million ($3,296,942) through the placement of 21.2 million shares at AU$0.206 a share, to advance its Banfora gold project, in Burkina Faso. Teranga Gold’s subsidiary will use the proceeds of the operation to accelerate update of ongoing engineering and drilling studies for a carbon-in-leach processing plant at the project.

“Drilling has started on Phase 3 of our drill programme and we expect a second rig on site shortly,” said MD Steve Parsons. The company added that it aims to complete a fully optimized feasibility study by the first half of 2017.

The Banfora project includes 9 exploration permits covering 1,152 km² and will require a capital investment of $210 million.

Louis-Nino Kansoun