Nov 29 2013
Ressources Appalaches is very pleased to report that it is fully permitted to proceed with gold production at its 100% owned Dufferin Mine project in Nova Scotia. Today the Company received the final permit, the Industrial Approval, from the provincial authorities.
Alain Hupe President and CEO of Ressources Appalaches reports: "The issuance of the Industrial Approval has an enormous importance, allowing Ressources Appalaches to go from an Exploration Company to be a Gold Producer Company in a short period of time"
The receipt of the Industrial Approval along with the technical due diligence completes the most substantial conditions precedent for the funding of US$7.5 million under Ressources Appalaches' current gold prepay facility. The lender's technical team reported last month that it was satisfied with Ressources Appalaches' Dufferin Mine gold mine plan documents (mine report, mine plan, surface and underground electrical installation plan, ground control procedures and ventilation plan) economic model, operating cost estimates, and capital cost estimates (see press release of October 30, 2013).
Funding Conditions Precedent are nearing Completion
The Company is working to complete all legal conditions precedent required to be satisfied in order to release the remaining US$7.5 million to Ressources Appalaches. The US$7.5 million advance is expected to provide the required funds to complete the refurbishment and re-launch gold production at the Dufferin Mine (see press release of May 8, 2013).
The signing of the loan documents and advance of funds is expected to occur shortly. Start of commissioning is projected 4 months after the receipt of funds, with another 4 months required for initial mining and milling ramp-up of operations to steady state production.
Source: http://www.ressourcesappalaches.com/