SilverCrest Mines Inc. (TSXV:SVL), a Vancouver-based gold and silver miner, says it has signed a definitive project financing deal with Macquarie Bank Ltd. on a US$12.5 million loan to finance development of its Santa Elena project in Sonora, Mexico.
"The finalization of these financial arrangements with Macquarie Bank is extremely important to our plans for the development of the Santa Elena gold and silver project in Mexico," president J. Scott Drever said in a release late Thursday.
"This will provide sufficient funds, in conjunction with the US$12 million from our gold purchase agreement with Sandstorm Resources, to complete the construction and development of the open pit heap leach operation that has been designed and engineered for Santa Elena."
Initial gold and silver production from the Santa Elena project is slated for mid-2010.
ADVERTISEMENT
SilverCrest owns a portfolio of gold and silver deposits and exploration properties in Mexico and El Salvador.