“We believe the terms of this financing are competitive and create value for our shareholders. It is another key milestone that our team has achieved in just over a year since taking the helm of the Company. With this funding arrangement now in place, we are highly focused on continuing to create shareholder value and are now able to turn our attention to achieving our next targets – production in 2019, expansion of resources and mine life ” continued Ciavarella
On the heels of the successful 2017 Exploration Program and the positive results of the 2018 Preliminary Feasibility Study, the addition of David to the team provides a catalyst towards the goal of full gold production by the end of 2019,” said Martin Kostuik, President Kerr Mines. “David’s accomplishments in the areas of engineering, procurement and construction management in the mining industry are second to none. David also brings an array of experience to compliment his capital project skills including permitting, financing, mine operations and business development
The results of this PFS display the strong near-term production opportunity for the Copperstone Mine and robust returns for our investors. This is just the beginning. The impressive exploration upside displayed by the 2017 Phase I program, the historical production of over 500,000 gold ounces and the potential to generate solid positive cash flows by identifying the first four years of gold production, all point toward the opportunity of many more years, beyond the Study timeframe, of profitable production. In fact, there are 100,000 gold ounces of M&I mineral resources that were not included in the P&P mineral resources, part of which are immediately accessible for drilling and potential inclusion. Our intention is to finance the initial capital through corporate debt. We are currently engaged in discussions focused on non-dilutive financing options with several lending groups to finalize our forthcoming production decision. Furthermore, we shall continue our efforts to enhance shareholder value by pursuing other value-adding activities such as conducting an intense 2018 exploration program which is designed to increase mine life.