Jaguar Mining makes $5m drawdown for Brazil exploration
JOHANNESBURG (miningweekly.com) – TSX- and NYSE- listed Jaguar Mining has made an initial drawdown of $5-million on its previously announced $30-million standby credit facility with Renvest Mercantile Bancorp’s Global Resource Fund.
The remaining $25-million under the facility would be available to be drawn down by the company once a portion of the remaining security had been registered.
“Jaguar intends to use the proceeds from the initial drawdown and any subsequent drawdowns from the facility for working capital related to its Turmalina, Paciência or Caeté mining projects, in Brazil,” the company said in a statement.
Jaguar president and CEO David Petroff said the drawdown would provide the financial flexibility the company required during the continued implementation of its operational improvements.
“As we continue to advance our operations, our preference will be to rely on internally generated funds to the greatest extent possible," he indicated.
The junior gold producer was actively exploring and developing additional mineral resources at its 220 000 ha land base in Brazil
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