$15m Sprott loan to finance Phase 2 at Florida Canyon
Funding has been secured to ensure that the construction of the Phase 2 leach pad at the Florida Canyon gold mine, in Nevada, remains on track for completion in the second quarter of next year, TSX- and NYSE American-listed Alio Gold reported on Thursday.
The company closed a $15-million loan facility with Sprott Private Resource Lending II.
In conjunction with closing of the loan facility, Alio issued 1 286 228 shares to Sprott.
Final approvals for the construction of the Phase 2 leach pad were received on October 2. Total capital for the leach pad is expected to be about $14.9-million, the company said earlier this month.
Alio has received regulatory approvals for phased construction, which facilitates early leach operations on the new pad which will result in improved operating efficiencies.
The current design capacity is sufficient for about three years of production and the miner said additional capacity could be realised by increasing the height of the heap.
The Florida Canyon mine restarted production after a rehabilitation period in April 2017 and achieved commercial production in December that year. A life-of-mine (LoM) plan envisions a 9.8 year mine life with LoM production of 734 000 oz of gold. In 2019 it is expected the mine will produce about 60 000 oz.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation