Dec 26 2014
True Gold Mining Inc. is pleased to report that the Company has drawn down an additional US$20.7M of the US$100M project financing agreement from Franco-Nevada Corporation and Sandstorm Gold Ltd.. This is the second draw down that True Gold has made under the agreement, bringing the total amount drawn to US$57.7M. The Company currently has approximately $US47.4M in the treasury.
Karma project construction is both on schedule and on budget. US$56M has been spent and committed to date, representing 42% of the estimated US$131.5M Karma Gold Project initial capex. Further to our news release dated December 9, 2014, the Company is working to address the concerns voiced by certain individuals in the community and expects to reach a resolution shortly.
Activity at the site is focused on fleet assembly and the erection of structural steel buildings. The majority of the mining fleet has been delivered to site, including 4 dozers and 2 graders. The PC-3000 excavator, which arrived on site December 12, is currently being assembled. The remaining mining fleet and equipment are expected to arrive within the next several weeks. The maintenance shop, welding bay, administration, security, and medical buildings have been completed. SC Global, our structural steel contractor, is currently constructing the mine and cyanide stores, and laboratory.
Major earthwork projects, raw water storage pond, and the base for the heap leach pad are scheduled to begin in January 2015. True Gold continues to target commercial production by the end of 2015 and expects to produce approximately 150,000 ounces gold in 2016.
Source: http://www.truegoldmining.com/