Alberta-listed H.W.I. Industries says it has entered an agreement with Ironwood Investments International of Vancouver to arrange a $700,000 bridge loan for work on a South American placer mine.
According to H.W.I., the proceeds will finance the reopening of a the company’s 85%-owned Santa Rosita mine in Colombia. It is expected to begin operations this spring.
Under an agreement, Wright Engineers of Vancouver will provide the technical support to up grade the existing 50-yard-per-hour plant to include four 400-yard-per- hour facilities.
To complete the agreement, H.W.I. must arrange a $10-million financing with an underwriter. H.W.I. says negotiations for this financing are currently under way.
In other news, the Colombian Ministry of Mines has given its approval to the transfer of title to the Santa Rosita mining concession to H.W.I.’s joint-venture- partner Bijou Resources.
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