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  • Vantage Goldfields Secures Loan To Develop Lily And Taylors Gold Mines In South Africa 0 comments
    Aug 29, 2013 11:32 PM

    Vantage Goldfields (ASX: VGO) has secured a $500,000 Convertible Loan from Finance Worldwide to further develop its Lily and Taylors gold mines in South Africa.

    The loan has a 18 month loan term with a 10% interest rate per annum. It can be converted into shares priced at $0.10 each anytime at the election of the Lender in part or in full.

    The company had in June 2013 introduced a new mining strategy for the Lily mine that involved re-engineering the mining layout.

    This is intended to improve grade control, blasting efficiencies, cost reductions and greater mining flexibility.

    Increased in situ grades and more selective stope tonnages resulted in higher gold production than the previous quarter.

    Gold production at Lily was 4,641 ounces in the June 2013 quarter while Taylors produced 1,126 ounces of gold.

    The company is also focused on improving operational efficiencies on both mines and has implemented a stringent cost-cutting program.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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