Telson receives conditional $12m loan to complete Mexico project
TSX-V-listed Telson Mining has received conditional approval for a $12-million medium-term loan from an international investment bank to finalise construction at Tahuehueto mining project, in Durango state, Mexico.
The credit line is dependent on Telson raising another $5-million in additional funding and the company said that its president, Ralph Shearing, and CEO, Jose Berlanga, would be attending the 2019 Precious Metals Summit Beaver Creek next week to continue efforts to raise additional funds.
Once the funding is secured, Telson estimates that it could complete construction of Tahuehueto within six months, which would allow it to take advantage of the increasing interest in the gold market sector.
The most recent technical report published in January 2017 for Tahuehueto, a prefeasibility study and reserve/resource calculation, shows the project contains probable reserves of 3.3-million tonnes grading 3.4 g/t gold, 41.8 g/t silver, 0.31% copper, 1.1% lead and 2.0% zinc.
Further, resources inclusive with reserves were calculated at measured and indicated 6.1-million tonnes grading 2.48 g/t gold, 42.8 g/t silver, 0.31% copper, 1.2% lead and 2.15% zinc plus inferred resources of 3.5-million tonnes grading 1.3 g/t gold, 37.5 g/t silver, 0.27% copper, 1.34% lead and 2.44% zinc.
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