Mineral bank corporation, builds portfolio of twenty-eight projects

The concept of mineral banking appears to be working for First Mining Finance Corp.

 The company says it “is focused on acquiring and holding high-quality mineral assets to take advantage of current bear market conditions in the mining sector. Our mineral bank business model is to acquire mineral assets for exceptionally low prices and hold those assets until the capital markets for mining improves.

At that point we would add value for our shareholders by entering into agreements with third parties that would move the projects forward while First Mining holds residual interests in the projects.”

First Mining Finance currently holds a portfolio of 28 projects in its mineral bank.

On June 17, First Mining announced an amalgamation with Tamaka Gold Corporation, a privately held mineral exploration company that owns the Goldlund Project located in Northwestern Ontario.

Keith Neumeyer, chairman of First Mining, stated: “The closing of the Tamaka transaction marks our eighth acquisition since listing the company on the TSX-Venture Exchange in April 2015.

We believe Goldlund has tremendous exploration potential and we are very pleased with the portfolio of high-quality gold assets we have accumulated to date. First Mining plans to now focus on enhancing the value of its current assets while monitoring the market for additional accretive acquisition opportunities.”

On July 11, the company announced it intended to complete a non-brokered private placement financing of up to 20,000,000 units at a price of $0.80 per unit to raise gross proceeds of up to $16,000,000.

The company intends to use the proceeds of the private placement for potential future property acquisitions, economic studies and resource estimates on its current projects, and for general working capital and corporate purposes.

The projects range from PEA-stage, resource stage to grassroots exploration. The properties cover nearly 300,000 hectares with a focus on advanced-stage development/exploration projects in Canada.

The company says “the Springpole Gold Project is our flagship asset and is located in Northern Ontario.

Springpole has an Indicated Resource of 128.2 Mt grading 1.07 g/t Au, containing 4.6 million ounces of gold equivalent and an Inferred Resource of 25.7 Mt grading 0.83 g/t, containing 0.71 million ounces of gold equivalent.

First Mining is currently focused on gold but the company also owns a wide variety of silver, copper, lead, and zinc exploration-stage projects in Mexico and one gold project in Nevada, USA.

The breakdown is four gold projects in Ontario, the Springpole, Pickle Crow, Goldlund and Cameron; six gold projects in Quebec, the Duparquet, Duquesne, Pitt, Joutel, Morris and Franquet and also the Roquemaure, a copper/silver project in Quebec.

There is one gold project in Newfoundland, the Hope Brook, and one gold project in Nevada, the Turquoise Canyon. There are nine gold projects, three copper, two silver, and one silver/lead/zinc projects in Mexico.

First Mining’s founding chairman Neumeyer also co-founded First Quantum Minerals Ltd and First Majestic Silver Corp.

The company says Neumeyer has an outstanding track record for delivering value to his shareholders and First Mining is supported by First Majestic Silver, one of the largest silver producers in the world.