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Tuesday, 24th February 2009 (1727 views)

Apollo Gold has reported that it has closed a $70 million (£48.6 million) project financing agreement for its Black Fox wholly-owned property near Timmins, Ontario.

Under the agreement with Macquarie Bank and RMB Australia Holdings, the new facility refinances a $15 million bridging loan with the two banks from December 2008.

The funds will be used to repay the loan, complete development of the Black Fox project and supply corporate expenditures and the banks have been issued an aggregate of warrants in exchange for the financing.

David Russell, Apollo president and chief executive, said: "I now look forward to the commencement of mining in the Black Fox open pit in March and the commissioning of the mill in April 2009."

Mr Russell added that both the banks understand the mining sector and are supportive of the company's plans.

Apollo Gold is an acquisition, exploration and development company focused on a number of gold projects, including the Black Fox mine, which it hopes to bring into production soon.

 

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