The Oracle Ridge project 70% owned by South Atlantic Ventures (VSE) is up and running. Production was planned for the third quarter of 1990, but startup was delayed by continued difficulties with installation of the ball mill. .TThe Oracle Ridge project is an underground copper-silver mine near Tucson, Ariz. The remaining 30% interest in the project is owned by Continental Catalina.
As a result of the delay, as well as capital purchases which were made ahead of schedule, the company is seeking an additional US$1.1 million from its lender, Societe Generale. Previous advances from the bank total US$5 million.
The additional loan is contingent on South Atlantic arranging an equity injection of US$750,000. The company expects to release details of the funding shortly.
The mine is forecast to produce 900,000 lb. copper and 18,000 oz. silver per month for the remainder of 1991.
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