Yukon-Nevada Gold Corp. moves to secure financing for mine expansion
Yukon-Nevada Gold Corp. is pleased to announce that it has engaged the Commodities and Resource Finance Division of Investec Bank (UK) Limited (“Investec”) to arrange project finance and hedging facilities for the expansion of the Company’s Jerritt Canyon Mine in Nevada.
The facilities are comprised of a term loan of US$40 million and a partial gold hedging program for the term of the loan.
Investec’s underwriting commitment is subject to a number of conditions precedent, including completion of due diligence and documentation and Investec’s final internal approvals.
Investec has the exclusive right to arrange and underwrite the facilities until September 30, 2008, but the parties will use their best efforts to complete the arrangements by August 31, 2008.
Yukon-Nevada Gold Corp. is a North American gold producer in the business of discovering, developing and operating gold deposits. The Company holds a diverse portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in Canada and in Arizona and Nevada in the United States. The Company’s focus has been on the acquisition and development of late stage development and operating properties with gold as the primary target. Continued growth will occur by increasing or initiating production from the Company’s existing properties.
