The New York branch of Dresdner Bank AG will provide Cornucopia Resources (CNP-T) with US$22.5 million in financing for the Mineral Ridge gold deposit in Esmeralda Cty., Nev.
The loan will be combined with $12 million in equity financing, enabling Cornucopia to complete construction before the end of next year’s first quarter.
The deposit is estimated to contain 350,000 oz. gold, with recovery projected at 81% at a total cash cost of US$245 per oz. Annual production is targeted at 50,000 oz.
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