In the nick of time, Neptune Resources of Toronto has lined up the $10 million it needs to bring equipment and supplies over an ice road to its isolated Colomac property at Indin Lake north of Yellowknife, N.W.T.
The ice road is expected to remain open until the first week of April.
Neptune this week signed an interim financing agreement which will allow it to meet development schedules aimed at putting the property into production by mid-1989.
A 10,000-ton-per-day open pit mine, costing $83 million to develop, is planned. Annual gold production should be 170,000 oz for 4 1/2 years.
Reserves stand at 16 million tons averaging 0.064 oz gold per ton.
The agreement consists of a $10- million loan secured by a debenture. Repayment will be made from the permanent project financing which is being arranged, the company says.
The agreement is subject to regulatory approval.
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