Bellevue Gold Ltd (ASX:BGL) coffers are full following the execution of a A$200 million loan facility to push ahead with the development of the Bellevue Gold Project in WA.
The A$200 million line of credit combined with Bellevue’s existing cash reserves of A$188 million ensures the company's flagship project is fully funded.
This injection of funds also means the company is well placed to maintain an aggressive multi-pronged exploration program, which will be conducted in conjunction with the mine development project.
Before the company can draw down on the loan facility, it must satisfy a number of conditions, including obtaining necessary project approvals, signing off on key project contracts and completing the minimum hedge requirement.
Bellevue does not expect to draw down on the facility until August 2022 and will use equity funds in the meantime.
Managing director Steve Parsons said the loan facility was provided on very competitive terms. “We appreciate Macquarie’s comprehensive support and assistance to achieve what is another major milestone for our company.”
About Bellevue Gold
Bellevue Gold is redeveloping the historical Bellevue Gold Mine in Western Australia, once one of Australia’s highest-grade gold mines, producing 800,000 ounces at 15 g/t gold from 1986 to 1997.
The company hopes to build on its current resource of 3 million ounces at 9.9 g/t gold with an indicated resource of 1.4 million ounces at 11 g/t at the mine – one of the highest grade undeveloped gold discoveries in the world.