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.