CRG secures $240 000, initiates Mill 1
JOHANNESBURG (miningweekly.com) - Dual-listed Central Rand Gold (CRG) is currently building up its Mill 1 to full capacity, following the completion of its installation.
Following mechanical performance issues and a year-end failure, CRG replaced Mill 1 with a newly installed and fully refurbished mill, which was acquired from Jet Demolition in February 2016.
Stockpiled gold-bearing material had been processed through Mill 3, which was bought in 2014 and came on line during 2015, while Mill 1 was still being installed post refurbishment.
“Full capacity is expected by the end of the first week of November 2016, with ongoing processing rates conditional upon the company having sufficient working capital to fund operations,” CRG noted on Tuesday.
It adds that the metallurgical plant requires continued investment to ensure operating performance remains of a high standard.
Meanwhile, the sourcing and processing of gold-bearing material through the metallurgical plant will continue under a tolling agreement with Nikkel Mining.
The toll treatment agreement, signed in June, allows for the processing of a minimum of 18 000 t/m of gold-bearing material to be processed through the metallurgical plant from July, with plans to eventually use the plant’s full processing capacity of 20 000 t/m.
Meanwhile, CRG has issued a zero coupon convertible security with New York-based institutional fund Bergen Global Opportunity Fund for $240 000.
Further, the company continues its pursuit of a transaction with an existing shareholder for an investment of up to $4-million.
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