Post says Appalaches Resources set to receive gold loan
2013-11-28 09:14 ET - In the News
The Financial Post reports in its Thursday edition the stage has been set for the rebirth of the gold mining industry in Nova Scotia. The Post's Barry Critchley, writing in Off the Record, says five years after outlaying $4-million purchasing the Dufferin gold mine in Nova Scotia, Appalaches Resources has now been issued with the final permit. As a result, the company can now move from being a gold explorer to a gold producer. "It's very exciting," said Alain Hupe, chief executive officer. On Friday the company will explain its plans to investors at a ceremony. More importantly the provincial government permit means that the company will receive the final installment of a $10-million gold loan from New York's Lascaux Resource Capital Partners, LLC (all figures U.S.). The first instalment of $2.5-million was received when the agreement was signed last May. Receiving the $7.5 million will allow the company to refurbish the Dufferin mine that has been largely shut for more than a decade and advance the project to gold production. Before production gets under way, the company will hire additional employees. Mr. Hupe said that by the middle of next year, 300 tons of ore is expected to be put through the mill.
