Ramelius Resources (ASX:RMS) has secured a $16 million gold pre-pay finance facility with Deutsche Bank Australia that will enable it to fast-track the acquisition and potential pre-mining work at the Vivien gold project in Western Australia.
It also allows the company to take advantage of opportunities to enhance its expanding Mt Magnet gold project through acquisition and/or development of a new satellite open pit.
The Facility will be fully repaid in equal instalments through the delivery of gold from January to August 2014 and will be secured against the Company’s Mt Magnet assets.
Ramelius is acquiring Vivien from Agnew Gold Mining Company, a subsidiary of Gold Fields Limited for $10 million.
The Vivien gold project is a high grade vein style deposit located near the Agnew gold mine in the northern goldfields of Western Australia, and carries a current Indicated Resource of 579,000 tonnes at 8.3 grams per tonne for 154,000 ounces of gold.
It is also located close to existing milling infrastructure.
The company had produced 19,395 ounces of gold from its Mt Magnet project in the quarter ending 30 September 2013
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