An $8.5-million debt financing has been completed by Stan West Mining (TSE) which will fund development at the company’s McCabe gold project in Arizona. Placed with Elders Finance Group, an Australian company, the financing brings to more than $32 million raised and spent on the project to date.
Scheduled to enter production in July, the mine is expected to produce 50,000 oz of gold per year and 140,000 oz of silver after completing a tuneup period.
Production this summer caps a long road for investors who first took down a $5-million issue of Stan West shares in 1981 at $7 each. In 1982, the company said that the McCabe would be in production by May, 1983. That date got pushed to the first quarter of 1984, then to 1985 and finally to 1988.
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