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Arranges $23m Project Finance Facility
Publié le 30 janvier 2008
| ENVIROGOLD LIMITED: MEDIA RELEASE |
30 January 2008
ENVIROGOLD ARRANGES US$23M PROJECT LOAN FOR LAS LAGUNAS GOLD PROJECT, DOMINICAN
REPUBLIC
Mr Brian Johnson, Executive Chairman of EnviroGold Limited (EnviroGold) (ASX: EVG), advises that the Company has formalised an arrangement with Standard Bank Plc to provide a US$23 million term loan
facility for the Company’s 70% owned Las Lagunas Gold Project in the Dominican Republic.
The arrangement also includes a US$2 million cost overrun facility.
Mr Johnson said that he was particularly pleased that EnviroGold would develop a
relationship with Standard Bank which has extensive experience in the resources sector and is active in Latin America and China where the Company is progressing future projects.
The funding arrangement marks a major step forward in the development
of the Las Lagunas project. The Company will commence site works at Las Lagunas next month and is on track to have construction completion by February 2009 and long lead equipment items have already been ordered
The project is expected to produce
435,000 ounces of gold and 3.97 million ounces of silver currently valued at approximately US$440 million, over a 6.5 year life.
In addition EnviroGold is progressing negotiations to extend the life of the project through the Company’s direct
participation in the mining of refractory ore bodies held by third parties in the Las Lagunas area.
Provision of the facilities is subject to formalisation of loan documentation which is targeted for 4 April 2008 allowing drawdown to
comfortably meet the construction schedule for the project.
- ENDS -
To download the media release click
here.
For further information please contact:
Mr Brian Johnson
Executive Chairman
EnviroGold
Email: brianjohnson@envirogold.com
Ph: +61 2 4801 0685 / 0439 135 915
Mr James Tyers
Executive Director
EnviroGold
Email: jamestyers@envirogold.com
Ph: +61 2 4801 0685 / 0439 900 965 James Moses
Professional Public Relations
Ph: 0430 038 338
E: jmoses@ppr.com.au
ABN: 48 008 031 034
Level 2, 7 Havelock Street
West Perth WA 6005
PO Box 1154
West Perth WA 6872
Tel: 61 8 9485 0140
Fax: 61 8 9486 4944
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