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Gold/Mining/Energy : DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL

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From: PaperPerson	10/6/2011 8:35:59 AM
	of 4690

Carpathian Gold Approves Loan For US$75 Million For Riacho dos Machados Wednesday, October 05, 2011 12:20 PM Toronto-based Carpathian Gold’s board of directors has approved a loan ranging from US$75 million to US$97 million to fund the construction and development of the company’s Riacho dos Machados gold project located in Brazil. The wholly owned Mineracao Riacho dos Machados subsidiary of Carpathian will be considered the borrower under the terms of the loan facility, the backers are Macquarie Bank and the corporation will act as guarantor for the loan until project completion. The corporation will have the option to increase the loan facility to $97 million subject to the existing commodity and currency price levels. Dino Titaro, president and chief executive officer says that this “represents a significant milestone for the development of the Riacho dos Machados Gold Project, especially in these uncertain and challenging times where debt facilities are generally difficult to obtain. We are delighted with the firm committed underwriting by Macquarie Bank following their detailed due diligence on the project

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