Cortona Resources says it is nearly ready to kick off development of its Dargues Reef gold mine in New South Wales after finalising a $42 million financing package with Deutsche Bank.
The package remains subject to a number of conditions, incuding regulatory approval for the transport of gold concentrate to the London Victoria treatment plant in Parkes, NSW.
Cortona managing director Peter van der Borgh said the package laid the foundations to complete an overall financing package to commence mine development and construction.
“This key development should enable us to move ahead with completion of an overall debt and equity financing package,” he said.
Cortona is targeting life-of-mine production of 50,000 ounces per year, with forecast operating costs of $697/oz.
Mr van der Borgh said completion of financing arrangements would occur in the third quarter of 2012.
At 10:15AM WST, Cortona stocks had gained 3.7 per cent, trading at 14 cents.
