Posted on Wednesday 11 February 2015 by Ulster Business
The team from Dalradian Resources on its first day of trading on the AIM market at the London Stock Exchange
The Canadian mining company which is hoping to find gold in the Tyrone hills has received a £5.9m boost from a Vancouver investor.
Renowned geologist and entrepreneur Ross Beaty’s investment means he now owns 9.7% of Dalradian Resources and the company said it intends to use the cash to help it continue carrying out test drills of a site close to Gortin in the Sperrin Mountains.
It’s already found gold in the Tyrone rock but is carrying out tests to find out in what concentration and over what area the deposit lies, as well as an environmental assessment of the site.
Dalradian, which listed on the Alternative Investment Market on the London Stock Exchange in December, has already spent £40 million on the project and expects to spend a further £14 million this year as it builds toward applying for a mining license.
Mr Beaty’s investment will go some way to making that ambition real but his backing is also a strong endorsement of the project.
He has over 40 years experience in the mining and renewable energy business, formed a geothermal energy company in 2008 and is chairman of one of the world’s biggest silver producers Pan Amercian Silver Corp.
Patrick F.N. Anderson, Dalradian's CEO, said the backing will be a help.
“Ross’s experience in the mining sector and track record of investment in mining companies speaks for itself. Mr. Beaty complements a strong shareholder base who share the vision of building a gold mine at Curraghinalt."
Brian Kelly, Northern Ireland Managing Director for the miner, agreed.
“The investment is not only a positive endorsement of Dalradian Resources and the Curraghinalt deposit, but also of County Tyrone and Northern Ireland as a place to invest in and do business. The fact that our underground exploration programme is continuing apace demonstrates to investors in the market we can bring this exciting project to fruition.”