Mongolian Resource Corporation secures US$2m line of credit from Ulaanbaatar City Bank
February 26 (Proactive Investors) Mongolian Resource Corporation (ASX: MUB) has recently been looking at funding options, and has now secured a US$2.0 million line of credit from theUlaanbaatar City Bank.
The company said that the facility will be repaid from gold production and enable its mining plans to be implemented, and to achieve a positive cash flow.
Mongolian Resource Corporation is currently focused on the development of two historic high-grade gold deposits in Mongolia, which have the potential for near-term production to commence in 2013.
The company outlined in the December 2012 quarterly that late in the period the Sujigtei Gold Project was put on care and maintenance for the winter period, with staff and overhead costs
reduced accordingly.
Sujigtei Project is an Underground Mine with Open Pit Potential, and has been previously mined and has extensive underground workings in place.
The second project is the Kargana Underground Mine (Blue Eyes Plant location). Geology of the asset replicates the nearby Boroo deposit (2Moz) in potential size, scale and surface grade.
The company also has some interests in Australia.
The company said that the facility will be repaid from gold production and enable its mining plans to be implemented, and to achieve a positive cash flow.
Mongolian Resource Corporation is currently focused on the development of two historic high-grade gold deposits in Mongolia, which have the potential for near-term production to commence in 2013.
The company outlined in the December 2012 quarterly that late in the period the Sujigtei Gold Project was put on care and maintenance for the winter period, with staff and overhead costs
reduced accordingly.
Sujigtei Project is an Underground Mine with Open Pit Potential, and has been previously mined and has extensive underground workings in place.
The second project is the Kargana Underground Mine (Blue Eyes Plant location). Geology of the asset replicates the nearby Boroo deposit (2Moz) in potential size, scale and surface grade.
The company also has some interests in Australia.
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