Navigator gets funding for Bronzewing
PERTH (miningweekly.com) - Gold miner Navigator Resources has secured A$2-million in extra funding from shareholder Au Mining to cover its operating expenditures at the Bronzewing gold project.
Navigator said this week that it had agreed to a limit increase in the working capital facility with Au Mining, increasing it from A$3-million to A$5-million. The company has drawn down an additional A$2-million under the facility.
Navigator also said that it was in discussion with Au Mining on terms for a larger funding package that would be required owing to the downward revision in near-term cash-flow forecasts, owing to mechanical issues at the Bronzewing processing facility.
The Bronzewing mine produced 17 431 oz of gold during the December quarter, which was below the revised forecast of between 18 000 oz and 20 000 oz.
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