11/08/2014 - 11:26

Minera receives $US4.5m for plant acquisition

11/08/2014 - 11:26

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Perth gold miner Minera Gold has received $US4.5 million from investment company SilverStream to help fund the acquisition and proposed expansion of the San Santiago processing plant.

Minera receives $US4.5m for plant acquisition
Minera managing director Ashley Pattison.

Perth gold miner Minera Gold has received $US4.5 million from investment company SilverStream to help fund the acquisition and proposed expansion of the San Santiago processing plant. 

SilverStream signed an agreement with Minera to become the lead financer of the acquisition, which was announced in July. 

Along with the plant, the acquisition includes the lease of about 9,000 hectares of mining rights surrounding the plant, in the iron-copper-gold district of Cobrepampa in Peru, for $US5.5 million. 

“In relation to the balance of the funding required to complete the acquisition and provide working capital post acquisition, the company has been presented with a number of financing options which are currently being assessed by the company and its advisers,” Minera said in a statement.

The company said it intended to complete the acquisition by the middle of September. 

Minera said it is targeting gold sales of 1,000 ounces this month.

The company’s shares last traded at 0.5 cents per share at 11:20am. 

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