Canyon Resources (NASDAQ) has received all major permits and secured financing for its Briggs gold mine in southeastern California.
The company raised US$44 million to finance mine construction and reclamation bonding, most of which is in the form of a US$34-million loan from three banks. In addition, Caterpillar Finance has provided a US$10-million line of credit for leasing new equipment.
The capital cost of the project is estimated at US$28 million, and construction, already under way, is expected to last seven months. Startup is projected for the second half of 1996.
The open-pit, heap-leach operation is expected to crank out 75,000 oz. gold annually, over a mine life of seven years.
Permits for the project, situated near Death Valley National Park, were issued last summer.
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