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Monday, 8th December 2008 (1359 views)

Apollo Gold has issued a financing update and information about development activities at its Black Fox mine project.

The firm retailed Macquarie Bank and RMB Resources in May this year as joint arrangers and underwriters for the Black Fox project finance facility.

According to Apollo Gold, the two banks "have been conducting extensive due diligence and project review" with the firm and the process is now nearing completion.

However, in order to ensure that development of the mine and the upgrade of the mill continues to schedule, the banks have proposed a $15 million (£10 million) bridge facility.

Apollo believes that, following completion of the diligence process and receipt of all necessary internal approvals, the overall project finance facility agreement will be finalised.

Located near Timmins, Ontario, the Black Fox 100 per cent-owned mining project is due to commence production in April 2009.

Denver-based Apollo Gold is focused on the acquisition, exploration and development of gold deposits and current properties include the Black Fox mine and the Montana Tunnels mine.

 

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