Shares digital

A $15 million financing deal helped push the shares of Cambridge Mineral Resources (CMR:AIM) up 29% to 2.75p. The money, secured against future gold production, will fund development of three gold mining projects in Colombia. The first, Quintana, is scheduled to start production mid-2008 with all three operational within 18 months. It must complete feasibility studies on the second and third projects to qualify for $9.5 million of the funds. The remaining $5.5 million covers 11,750 ounces of gold from Quintana, equating to a selling price of $468 an ounce. It estimates operating costs will be $131 an ounce. Cambridge will update on plans for its uranium properties in a couple of weeks.

by Dan Coatsworth