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Ventnor Resources Finalising Terms For $2.74M In Loan Facilities

Ventnor Resources (ASX: VRX) is finalising terms for the provision of secured loan facilities totalling $2.74 million.

This will provide it with the necessary funds to finalise capital raising requirements and continue discussion in relation to potential offtake arrangements.

The loan facilities comprise the conversion of amounts owing under contract for project work totalling $1.74 million and the provision of a $1 million drawdown facility, of which $500,000 is available immediately and the balance subject to drawdown conditions.

The loan facilities are subject to final documentation.

Ventnor is focused on the development of its Thaduna/Green Dragon Copper Project in Western Australia, where it has a Resource of 142,000 tonnes of contained copper and 945,000 ounces of contained silver.

A Bankable Feasibility Study is currently underway and is scheduled for completion in the September quarter 2013.

Further deep drilling is also in progress to upgrade the current Resource to between 175,000 and 200,000 tonnes of contained copper.

The company has already fulfilled all conditions required for the grant of a Mining Lease and associated licences for its Thaduna/Green Dragon Copper Project in Western Australia after reaching a Native Title Agreement early this month.

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