Hoping to join the ranks of Canadian gold producers, GLENCAIRN GOLD CORP. has arranged financing for its Bellavista project in Costa Rica. It has engaged Standard Bank London Limited to provide US$19 million, the bulk of the needed money. Standard Bank's participation depends on a number of conditions including legal and technical due diligence and final credit approval. Glencairn is considering several options for the balance of the financing.
Glencairn purchased the Bellavista project in October 2002, based on the feasibility study completed by the former owner. The ore reserve is estimated at 11.24 million tonnes grading 1.54 g/t Au. Annual production would be in the range of 60,000 oz at a cost of US$179 per ounce. The mine life would be 7.3 years using open pit mining, agglomerations and heap leaching at a rate of 5,750 tonnes of ore per day. Bellavista has been an off-and-on producer for almost 100 years.
All the major permits necessary for construction have been obtained, says Glencairn.
Call Glencairn chairman Ian McDonald at 416-860-0919 or visit www.glencairnltd.com for more information.