GoGold Resources Inc. (TSX: GGD) is pleased to announce that it has received US$15 million from Orion Mine Finance representing the second advance under the credit agreement dated September 27, 2013. Further details about the debt financing arrangement with Orion Mine Finance is contained in GoGold’s news releases dated July 12, September 18 and September 30, 2013, which are available on SEDAR at www.sedar.com.
GoGold intends to use the net proceeds from the advance to complete the construction of its Parral tailings project in Chihuahua, Mexico with the intention to start production in May 2014 and for general working capital purposes.
The Parral Tailings Project is financed, permitted, and is currently under construction. Progress has been excellent, and the team in Mexico has provided timely updates and photographs which can be viewed on our corporate website. The heap leach pads are well underway, components of the processing facility are being fabricated and assembled, and the plan is to begin stacking ore in early April with the intention to start production in May 2014.
GoGold’s San Diego exploration project adds additional upside in a growing pipeline of projects that have the potential for development over the next few years.
Parral Tailings Project
The project is in full construction and anticipated start-up is May 2014. Currently 130 personnel and contractors are on site and the number is expected to increase over the coming weeks. The earth works are well under way and work is 70% completed. The bulk of earthworks and civil work is scheduled to be completed by the end of February and structural steel fabrication and site erection is also proceeding well. February will be busy as more equipment arrives and additional contractors and staff are mobilized. Installation of liners for the heap leach pad will also commence in February. Additionally, power line installation and road modifications are also scheduled for February with completion expected in 8-10 weeks. Construction of footings and concrete work for the processing facility is expected to be completed soon. All the long lead items are ordered and under construction. See our web page www.gogoldresources.com for recent pictures.
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We acknowledge the [financial] support of the Government of Canada.