Still seeking a way to finance development of new reserves at its Mobrun polymetallic mine near Rouyn-Noranda, Que., Audrey Resources (TSE) has won another reprieve on debts owed to Elders Finance Inc.
Audrey says that on the basis of the progress it is making on its negotiations to finance mine development, Elders has granted the company an extension on a US$12.1-million loan which came due June 30.
Having shut the mine down in January, Audrey is attempting to raise $45 million for development of the 1100 lens which hosts 15.5 million tonnes of grade 4.64% zinc, 0.83% copper, 36 grams silver and 1.2 grams gold per tonne.
Toronto-based Noranda (TSE) affiliate Minnova (TSE) owns 50% of the 1100 reserves below the 4850 level and a 4% net smelter royalty on anything above that level. An Audrey spokesman said the extension will allow the Rouyn-Noranda company to complete ongoing negotiations with a number of companies including Cambior (TSE). Audrey shares traded recently at 85 cents in a 52-week range of 52 cents and $2.75.
Be the first to comment on "Audrey wins a reprieve on US$12.1 million of debt"