PERU – International Minerals Corp., headquartered in Scottsdale, AZ, and traded on the TSX, has secured a US$140-million term loan facility with which to partially fund construction of the Inmaculada gold-silver mine located southwest of Cuzco. A joint venture of International Minerals (40%) and Hochschild Mining plc (60%) owns the property and the nearby Pallancata silver mine. Hochschild is operator of both projects.
The joint venture began development of Inmaculada in January 2012, and commercial production is scheduled in the second half of 2014 (assuming all permits are received in a timely manner). Annual production is anticipated to be 124,000 oz of gold and 4.2 million oz of silver.
The Inmaculada deposit contains 7.07 million tonnes of measured and indicated resources grading 4.07 g/t Au and 144.00 g/t Ag. The inferred portion is 4.94 million tonnes at 3.91 g/t Au and 152.00 g/t Ag.
The technical report on the project is posted at IntlMinerals.com.