Artemis Gold has finalized a new $385 million Project Loan Facility to finance the construction of their Blackwater Gold Project.
Funding for the loan will be provided by the National Bank of Canada, Bank of Montreal, ING Capital LLC, Macquarie Bank, and Société Générale.
It also includes $25 million in capitalized interest prior to project completion, and a $40 million cost overrun facility on standby.
Located roughly 130 kms southeast of Burns Lake, Blackwater is expected to produce 321,000 ounces of gold annually in the first 5 years of its 23 year lifespan.
Earlier this week, the BC Mines Act Permit for the project was referred to the Ministry for a final decision.
That permit is the last required to begin major construction activities, which Artemis plans to do this quarter.
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