26/11/2012 - 14:51

Aphrodite gets Canadian backing for gold project

26/11/2012 - 14:51

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Aphrodite Gold has received $2.5 million for its namesake gold project near Kalgoorlie from a Canadian investment house.

The gold junior announced today that Canada’s Franco Nevada Corporation had advanced it the funds against a future royalty of 2.5 per cent over production from the Aphrodite project.

The advance bears no interest and requires no repayments for five years, Aphrodite chairman Peter Buttigieg said in a statement.

“We are delighted at the involvement of Franco Nevada, which we see as a positive endorsement of the project,” Mr Buttigieg said.

“Our management will keep them appraised of progress, and we will be pleased to offer them the opportunity to provide the required capital expenditure required for production.”

At close of trade today, Aphrodite shares were up 2.1 per cent, trading at 4.7 cents.

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