Canadian Mining Journal

News

GOLD DEVELOPMENT: Alexis arranges Snow Lake loan

MANITOBA – Alexis Minerals of Toronto has received formal credit approval from Credit Suisse for a US$45-million, 4.5-year term loan to hasten development of the Snow Lake (formerly New Britannia) gold mine 80 km east of Flin Flon.



MANITOBA – Alexis Minerals of Toronto has received formal credit approval from Credit Suisse for a US$45-million, 4.5-year term loan to hasten development of the Snow Lake (formerly New Britannia) gold mine 80 km east of Flin Flon.

Since Alexis became owner of the Snow Lake project in 2009 with its acquisition of Garson Gold, Alexis has increased the mineral resources and completed a feasibility study (November 2010). The measured and indicated resource now stands at 728,000 tonnes and the inferred resource at 336,700 tonnes. There are an estimated 1.1 million oz of contained gold in the resources.

Alexis has called a special meeting of shareholders for June 13 to approve a proposed 20:1 share consolidation and to approve a name change to QNX Gold Corporation.

The latest corporate presentation at AlexisMinerals.com provides details about the Snow Lake project.