Transatlantic Mining consolidates shares

Emerging mining group Transatlantic Mining Corp (CVE:TCO) began trading with a new consolidated share structure on May 3.

Its common share capital has been reduced to around 21.9mln shares after the 1:10 consolidation.

The name of the company will not change and its trading symbol remains TCO, it added.

Last month, encouraging results from the Alder Gulch property/US Grant mine and mill complex mean a production go-ahead decision for the project is looking more likely, the group said.

It comes as the group has developed a third batch of concentrate from the site in the Virginia City mining district of Madison county, Montana.

Provisional assays from this third batch are 8.5 dry metric tonnes  (dmt) at 3.9 ounces per tonne gold and 157.4 ounces per tonne of silver -  represents both a 22% increase on the gold and silver content.

In addition, the mill now has capacity to increase concentrate yield at a steady rate of over one tonne per day – a significant increase from the 0.6 to 0.8 tpd (tons per day) achieved before the upgrade when throughput was less than 40 tpd (tonnes per day), the firm said.

Story by ProactiveInvestors