Robert Swenarchuk, a spokesman for Goldbelt Resources (VSE), said the company expects to complete the acquisition of Comptoir International du Commerce by July 1.
Comptoir, a Luxembourg company, has an option to earn a 50% interest in two mineral projects in the Commonwealth of Independent States.
Goldbelt must issue 7.7 million common shares to the nominees of Comptoir in return for 99.5% of the company. In addition, Goldbelt will advance a further US$500,000 to the company to cover ongoing costs related to feasibility work on the two mineral projects.
To earn its 50% interest in the two projects, the company must fund the projects to feasibility.
Goldbelt reports that negotiations have started with potential senior lenders for the estimated US$40 million in financing required for the tailings recovery project in Kazakhstan.
N.M. Rothschild and Sons of London is Goldbelt’s financial adviser and Swenarchuk said he is confident the funding will be in place within four months.
Discussions have started with potential contractors and suppliers for the project which is expected to produce 125,000 oz. gold and 600,000 oz. silver during the first two years of operation.
Once financing is in place, Goldbelt estimates construction time at about 19 months for a tailing processing facility and the related infrastructure. Goldbelt is well funded with about $1.7 million in working capital and about 12 million shares outstanding prior to the issue of shares to Comptoir.
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