Brief: Stock proceeds will develop Nevada mine

Toronto-based Euro-Nevada profits from holdings in mines run by other producers and operates its own mines.

The money will be used in part to further explore and develop the Ken Snyder gold and silver mine in Midas, which it co-owns with sister company Franco-Nevada Mining Corp. The mine produced its first gold and silver last month.

The Ken Snyder mine is expected to produce 45.7 million ounces of silver, or 250,000 ounces of gold equivalent per year. The mine will begin commercial production Jan. 15, and is expected to employ 100 when it reaches full production later this year, said Craig Haase, vice chairman of Euro-Nevada.

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