Canadian gold exploration company Sacre-Coeur Minerals says it has moved closer to signing a US$10 million loan to help prepare for the construction of its Million Mountain Zone 1 hard rock mine in Guyana.
The company announced on Thursday that it has signed a definitive term sheet for a US$10 million interest-free secured loan. Apart for the preparation of construction at the Million Mountain project, the funds will also be used to retire the company’s gold denominated bonds and to build and commission additional production units with “enhanced fine gold recovery capability” for its alluvial/elluvial mining operations in Guyana as well as general corporate purposes.
The mining company also said that it is continuing to work on additional funding in order to