BOLIVIA – Denver-based APEX SILVER MINES has arranged for a US$225-million secured credit facility for development of the San Cristobal mine in this country. The facility will be underwritten and syndicated by Barclay’s Capital and BNP Paribas, subject to customary closing conditions.
San Cristobal is one of the world’s largest open pit silver-zinc-lead deposits. It contains proven and probable reserves of 228.91 million tonnes grading 63.29 g/t Ag, 1.60% Zn and 0.59% Pb. Or in terms of contained metal, there are 465.8 million oz of silver, 3.66 million tonnes of zinc, and 1.35 million tonnes of lead. The mine is expected to produce 17 million oz of silver annually at an average cash operating cost of US$1.43/oz. Yearly zinc production will be 63,500 tonnes at US$0.41/lb.
The San Cristobal development plan summary is available at www.ApexSilver.com.