URANIUM CITY, Saskatchewan GLR RESOURCES has secured a US$12.4-million loan for the construction and development of the Goldfields project. The loan was made by Union Financial Services. GLR is in the process of obtaining a bank guarantee as required under terms of the loan.
The Goldfields project will reopen the former Box gold mine. From 1939 to 1942 Cominco recovered 64,066 oz of gold from the workings. The old underground mine will become an open pit, and the ore will be treated in a gravity circuit and by pressure cyanidation. Annual production is expected to be 45,000 oz.
The Goldfields project area includes the former Athona gold mine plus several occurrences of gold and platinum group metals. GLR is a member of the Kasner Group, www.kasnergroupco.com