This week saw Atlantic Gold move one step closer from being able to jumpstart construction of its Nova Scotia mining operation in Moose River.
So let’s take a look in a little more detail at what Moose River Consolidated Project really is.
- Atlantic Gold are a Canadian gold development company with four development projects in Nova Scotia, Canada: the aforementioned Moose River Consolidated Project which comprises of the Touquoy and Beaver Dam gold deposits, the Cochrane Hill gold deposit, and the Fifteen Mile Stream deposit.
- The Moose River Consolidated Project has been given a projected full production start date in 2017.
- Gold production at the mine has been estimated at 87,000 ounces per year
- Atlantic Gold struck a deal with Macquarie Bank and Caterpillar Financial Services Corp to finance the construction costs of the Moose River Project. This deal includes an agreement to sell 215,000 ounces of gold back to Macquarie over the next five years.
- The company announced that it has satisfied the majority of CPs to make the first draw out of its $115 million project loan from the two partnering companies. The remaining CPs needed to be satisfied are expected to do so by the end of August, with the first anticipated drawdown of the loan to be made in September.
- During construction, Atlantic Gold will employ up to 300 workers, both employees and contractors
- The company first released a Preliminary Economic Analysis (PEA) back in 2014
Read the August issue of Mining Global Magazine!
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