Argonaut Gold Directors Approve Magino Project Construction

Argonaut Gold’s Board of Directors has approved the construction of the Magino Gold Project! The media release states “Argonaut is also pleased to announce it has received a fixed bid pricing proposal for a significant portion of the initial capital requirement for the Magino project and that it has secured debt financing of up to US$175 million by way of a US$50 million bought deal offering of senior unsecured convertible debentures and the extension and expansion of its existing revolving credit facility (“RCF”) for up to US$125 million.”

Construction is expected to begin in January 2021 following the closure plan filing and posting of a financial assurance bond with the province. The first gold pour is anticipated during the first half of 2023. The Magino Feasibility Study plans a 10,000 tonne per day processing facility; average annual gold production of 150,000 ounces over the first five years, and a 17-year mine life.