The Mankarga 5 gold mining project in Burkina Faso is set to become a reality soon after the West African Resources company secured a two-year US$ 5m convertible loan facility from Macquarie Bank to complete a related feasibility study.
West African Resources MD Richard Hyde said that the support in the development of the Mankarga 5 gold mining project by the bank was such a milestone for the company.
The company also confirmed that the loan facility entailed provision of 40.6-million unlisted options, at a price of 14c each, which would expire three years from the date of issue.
West African aims at becoming a 50 000 oz/y gold producer by the end of 2015. Securing of this funding is important since construction of the Mankarga 5 gold mine was expected in the first quarter of 2015, although it is expected that production will first start in the last quarter of 2015.