Kaminak Gold (KAM-V) bolsters its ranks with another ex-Stornoway hire, appointing Zara Boldt as CFO and corporate secretary today.
Boldt has common history with Kaminak President and CEO Eira Thomas: she was the ex-CFO of Stornoway Diamonds (SWY-T) and Strongbow Exploration (SBW-V), where Thomas also held key positions.
Thomas, who joined Kaminak in 2013, was a Stornoway Diamonds founder and also a director at Strongbow.
Boldt’s hire is notable for her recent role at Stornoway in helping arrange ~$900m in funding to build the Renard diamond project in Quebec, now under construction. She was at Stornoway until early 2015.
The financing stands as one of the biggest funding packages raised by a junior to build a mine in recent years. It included US$360 million via Orion Mine Finance (with a forward sale of diamonds), $220 million from Resources Quebec, $105 million from Caisse de Depot.
In that regard Boldt is a logical choice for Kaminak as the junior aims to fund the ~C$316 million build of the Coffee project.
Kaminak recently produced a feasibility study of the project showing enticing economics, with a 37% internal rate of return at US$1,150/oz gold.
The project centers around a heap leach plan to mine about 2 million ounces gold over a 10-year mine life. (Indicated resources = 2,968,000 ounces gold @ 1.45 g/t Au).
Kaminak Gold (KAM-V)
Cash: $28.5m (October 2015)