Jena financing for Trillion

First closing for more than $1.5 million on a 10% convertible debenture was recently completed by Trillion Resources (ASE).

The company says the funds will be used to complete its investment for a 50% interest in the Jena gold mine in Zimbabwe. Additional funds may be raised up to a maximum of $2.5 million.

Trillion has started a 20,000-ft. drill program on the property to boost reserves, with the intention of increasing underground production to 500 tons per day from 200 tons per day. Current mill capacity (300 tons per day) will be increased to 500 tons per day.

Current monthly output from the Jena 40-sq.-km concession is about 700 oz. gold.

The company, which also has interests in three different mineral projects in the Ivory Coast, claimed a 22.03% ownership interest in Jena as of July 1. The ownership will increase to 50% through the investment of US$2.5 million (equity and loans).