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Bassari secures funding for Makabingui

13th April 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Bassari Resources is poised to develop the Makabingui gold project, in Senegal, after securing project financing.

The company on Friday told shareholders that it had received approval of a credit facility requested from Coris Bank International for the Makabingui project, following the completion of a due diligence.

The loan facility was for some $13-million, at an interest rate of 9% a year, and included standard security arrangements over the assets of the Makabingui gold operations, including plant and equipment, gold stocks in production and in transit, and guarantees provided by Bassari.

The gold developer noted that the Makabingui project has been prepared for the start of early development activities on the completion of the project finance package and board approvals.

In recent weeks, Bassari and engineering firm Mincore have refined the project execution plan and started to secure the availability of people and resources required to commence the project development.

The first phase of the Makabingui gold project development continues with preparation of mining related activities for the start of pit development. A number of other activities are also under way or in preparation, including detailed geological interpretation for mine planning and mine site surveying of the openpit waste dumps, haul road and infrastructure areas.

The Makabingui project has a mineral resource of 11.9-million tonnes, grading 2.6 g/t gold for one-million ounces of gold. The first stage of development will see an openpit operation to access high-grade pits comprising 180 000 mined ounces.

The project will have a processing rate of 300 000 t/y and deliver an average 50 000 oz/y, over a nearly four-year mine life.

Edited by Creamer Media Reporter

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