GEO. Good news: Resource Capital giving them another lease on life until Dec. 17th. Looks like they want to wait to see results of the 2nd leach pad.
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Tuesday November 6, 6:05 pm Eastern Time
Press Release
SOURCE: Geomaque Explorations Ltd.
via BCE Emergis e-News Services
Geomaque Advancing Loan Restructuring and Construction of Second Leach Pad at Vueltas Mine
Toronto, Ontario
Geomaque Explorations Ltd. (TSE:GEO - news) today announced that it is continuing to work with its principal lender, Resource Capital Fund II L.P. of Denver, Colorado (``RCF''), on the restructuring of its credit and security arrangements with RCF under the agreement dated June 9, 2000 (the ``Credit Agreement'') and, has reached agreement with RCF to further extend the time to finalize the terms of this restructuring to December 17, 2001. In the meantime, RCF has deferred all payments required under the Credit Agreement. As part of the restructuring, it is contemplated that there will be a revised debt repayment schedule which will reflect the anticipated production schedule from the second leach pad at the Vueltas del Rio Mine.
Mining will be suspended until construction of the second pad has been completed, estimated to be in late December. Gold production from pad one will continue in the interim from ore already loaded on this pad.
Metallurgical testing currently underway is confirming that revised procedures being used are significantly increasing the speed of gold recovery. The results of this test program will be used to further enhance early gold recovery on pad two.
Geomaque Explorations Ltd. is an international mining company that is producing gold from its Vueltas del Rio Mine in Honduras and San Francisco Mine in Mexico, and exploring for precious metals in the Americas.
For further information, please visit our website at www.geomaque.com, or contact:
John Paterson President and Chief Executive Officer Geomaque Explorations Ltd. 1210-181 University Ave. Toronto, ON M5H 3M7 (416) 956-7470 |
