Company says getting $505 million in financing was a make it or break it deal for the Yukon mine
Closing a $505 million deal with investors was tough, but the president of Victoria Gold, John McConnell, says persistence paid off.
Orion Mine Finance, Osisko Gold Royalties Ltd., and Caterpillar Financial came up with the bulk of the financing needed to move the Yukon’s next gold mine forward. Construction began last year, but now Victoria Gold has the cash needed to finish the job.
“It is a very important summer for us, we hope to get 60 to 70 per cent of the construction complete,” said McConnell. The company’s Eagle Gold project is located about 85 kilometres northeast of Mayo. There will be two open pits, and gold will be recovered by a heap leach process.
McConnell says there will roughly 250 contract employees working in a rotational schedule, meaning around 500 people at the camp. “This year we will be certainly focused on the crushers getting the foundations and buildings in place,” said McConnell.
“Same with the gold recovery plant, and through the winter we can do the interior work, the electrical, mechanical, but we will have closed structures to work in during the coldest months of the year.”
Victoria Gold plans to process about 26,000 tonnes of ore per day. When in full production, the company expects the mine to produce 200,000 ounces of gold annually.
For the rest of this article: http://www.cbc.ca/news/canada/north/victoria-gold-yukon-mining-first-nations-1.4574795