Auriga Gold Corp (AIA:TSXV) announces it has entered into a non-binding term sheet with a private, institutional investor with regard to a US$23 million gold prepay agreement, the net proceeds of which will be used to fund the development of the Company’s Maverick Gold Project, located 65 kilometers northeast of Flin Flon, Manitoba. The proposed US$23 million financing will fund the refurbishment and development of the Puffy Mine and Mill at the Maverick Gold Project as outlined in the Company's Preliminary Economic Assessment filed on SEDAR on February 21, 2012. The facility will replace the indicative term sheet for a US$10 Million loan announced on April 26, 2012.
Richard Sutcliffe, Auriga Gold's President and CEO, commented "We are very pleased to have a facility that we expect will fully fund the Maverick Gold Project to production. This proposed credit facility is significant in that it will provide a non-dilutive financing option for the project and enable the Company to retain certain flexibility on metals payments and pricing of the majority of gold production."
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