Geomaque gains more time

Geomaque Explorations (GEO-T) now has until mid-December 2001 to restructure a credit facility with Resource Capital Fund. All scheduled payments continue to be deferred.

Meanwhile, mining activities at the Vueltas del Rio gold mine in Honduras have been stopped until a second pad is completed in late December. The existing pad will continue to produce gold from heaps currently under leach.

Geomaque initiated talks in early September after it became clear it could not cover a related fee of US$825,000 due at month’s end. Concurrently, it received permission to divert US$300,000 that was to have been placed in a sinking fund to the second leach pad.