The funding comes in the form of a $100 million revolving facility and a dedicated $50 million working capital facility and has been put together over the past six months with a syndicate of ING Bank, National Australia Bank and Societe Generale.
As part of the financing the company has opted for an additional discretionary gold hedging capacity that will help it manage its gold price risk exposure.
It has sold an additional 16,000 ounces at an average forward price of $1718/oz. It adds to the 25,000oz hedged last November at $1705/oz.
The junior’s total hedgebook is now 41,000oz at an average $1711/oz.
Managing director Ian Murray said the financing facilities were prudent as the company transitioned from exploration to production, as would allow the emergin...