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Monday, 26th January 2009 (1208 views)

Capstone Mining has announced that it has repaid portions of its CN$10 million (£5.9 million) revolving corporate credit facility with Macquarie Bank and made two payments on its project loan facility.

The Canadian firm’s Capstone Mining North subsidiary made two US$5.5 million (£4 million) principal payments to the bank to reduce its project loan facility to US$29.9 million by the end of 2008.

An additional balance of CN$10 million remains outstanding under the subordinate loan facility and is repayable after the project loan facility has been settled.

In a statement on its fourth quarter finances for 2008, the company also stated that it had a cash balance of around US$41.9 million at the end of the year and proceeds of US$37.5 million were received as an advance payment against future gold and silver production at its Minto mine.

Based in Vancouver, British Columbia, Capstone Mining is a publicly-traded mining business that recently reported strong results from the final 28 drill holes from its 2008 exploration programme at the Minto copper-gold mine in the Yukon.

 

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