A 52,000-oz gold loan has been completed by Pioneer Metals Corp. (TSE) which will fund the company’s share of capital costs at the Premier gold project in British Columbia. Having a value of $28.75 million, the loan was provided by the Chase Manhattan Bank of Canada.
Pioneer has a 40% interest in the Premier gold project, which is operated by Westmin Resources (TSE) holding 50.1%. Another partner, Canacord Resources (TSE), has a 9.9% interest. Production from the mine is scheduled for the first quarter of 1989.
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