Gold, silver miner Sabina Gold & Silver Corp has announced an initial debt agreement for project financing for its Goose mine in Nunavut, Canada.
“Sabina’s goal is to become a successful Canadian gold producer by advancing our 100% owned Back River Gold District,” the company said in a statement.
“This initial US$20 million debt facility enables us to continue to fund our critical path activities while we pursue our full funding initiatives,” said Bruce McLeod, the president and CEO of Sabina Gold & Silver Corp. “All of the work completed and planned so far provides the ba-sis for a more executable project construction period. We look for-ward to reporting progress on all fronts going forward.”
Some of the projects that are to be financed by the funds include the construction of 10 million litre bulk fuel storage tank and containment at the Goose mine.