This funding is a coup in the current market environment, ensuring it is funded to conclude feasibility studies for the 1.4 million ounce resource Aphrodite Project, located 65 kilometres north of Kalgoorlie in Western Australia's Eastern Goldfields.
Total contained gold recently increased by 35%, while Indicated resources were increased by 230% to 898,000 ounces of gold.
The main ore body is still open at depth, and to the north and south, indicating potential for additional resources to be added.
The facility will require the approval of shareholders, however the company will be able to draw on the facility on a progressive basis to fund operations and continue to develop the Aphrodite Project.
Significant recent progress has also been made in the design and processes required to recover gold from the oxide ore and refractory ore.
Test gold recovery rates achieved, 95% and 90% respectively, will ensure plant viability when successfully applied.
The company had earlier this month appointed Buttigieg as its executive chairman and ceased the employment of its two executive directors Wayne Ryder and Leon Reisgys, who also ceased to be the managing director and chief executive officer respectively.
This was done to reduce its cost base during changed market conditions and to maintain its focus on the strategy of developing of a regional production facility near Kalgoorlie.
Engineers Tetra Tech and their consultants METS have nearly completed the Pre-Feasibility Study and are prepared to start the full Feasibility Study later this year.
Today's funding deal provides a platform for Aphrodite to move to feasibility stage and potentially draw on interest from Chinese parties.
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