Crusader debt free

CRUSADER Resources has repaid a $A20 million debt facility issued to it by Macquarie Bank in 2013, freeing it of encumbrances as it aims to start gold production from its Brazilian operations in 2017.
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An aerial view of the Juruena project.

Andrew Hobbs

The company repaid the last $3.5 million of the facility this week, with Crusader executive director Paul Stephen saying the repayment gave it a much stronger balance sheet.

Crusader said it was working to update a mineral resource estimate on the Juruena gold project this month ahead of a scoping study into development options, to be completed in early 2017.

Additional metallurgical testwork is also underway at the Dona Maria and Querosene prospects within the Juruena project, with initial results indicating recovery rates of over 90% for both gold and silver using a standard leaching process.

Results from metallurgical sampling on the nearby Borborema gold project are expected early next year, with the results to form the basis of an updated resource and reserve statement.

Shares in Crusader were up 10% or 1c to 11c in afternoon trade, valuing the company at $32.7 million. The company had $1.8 million in cash at the end of the September quarter.