Thursday, 19th May 2005 (2476 views)

UK mining firm Archipelago Resources has announced funding has been obtained for construction at one of its gold projects.

$35 million has been secured and will go towards the Toka Tindung gold project in Sulawesi, Indonesia.

Funding was obtained through a deal with NM Rothschild & Sons, based in Australia, and was part of an Exclusive Financing Mandate and Indicative Term Sheet with the firm.

According to Archipelago it now has enough money to begin construction at its project that will then lead onto an average annual production rate of 160,000 ounces of gold equivalent per annum.

It is hoped production will begin in the middle of 2006.

The firm has an 85 per cent interest in the Toka Tindung Gold project, which it acquired in 2002.

 

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