Business
Orla Mining: Camino Rojo Oxide Gold Project Advances Towards Production
ORLA MINING FINALIZES US$125 MILLION CREDIT AGREEMENT, RECEIVES APPROVAL OF A KEY PERMIT AND THE BOARD APPROVES CONSTRUCTION SPENDING VANCOUVER, Dec. 18, 2019 /
About this update from Orla Mining Ltd.
[{"type":"text","content":" ORLA MINING FINALIZES US$125 MILLION CREDIT AGREEMENT, RECEIVES APPROVAL OF A KEY PERMIT AND THE BOARD APPROVES CONSTRUCTION SPENDING VANCOUVER, Dec. 18, 2019 /CNW/ - Orla Mining Ltd. (TSX: OLA) (\"Orla\" or the \"Company\") is pleased to announce that the Company has entered into a loan agreement with Trinity Capital Partners Corporation (\"Trinity Capital\") and certain other lenders with respect to its previously announced US$125 million project finance facility (\"Credit Facility\") for the development of the Camino Rojo Oxide Gold Project (\"Camino Rojo\") located in Zacatecas, Mexico. The Credit Facility was arranged by Trinity Capital and includes a syndicate of lenders led by Agnico Eagle Mines Limited, Pierre Lassonde and Trinity Capital, creating key alignment between debt and equity holders who will support the Company's development going forward. Concurrent with the closing of the Credit Facility, the Board of Directors of Orla has approved the start of construction spending at Camino Rojo, allowing the continuation of detailed engineering and the ordering of long lead items, such as the crushing system. Commencement of project construction has also been approved, subject to receipt of all required permits. Orla is also pleased to report that the Company has received notification from the Mexican federal government environment department known as SEMARNAT, granting approval of the Change of Land Use permit (Cambio de Uso de Suelo or CUS/ETJ), one of the two key permits required for the development of Camino Rojo. \"Securing this US$125 million Credit Facility and one of the key permits marks two more critical milestones in the evolution of Orla, allowing us to maintain our schedule for advancing Camino Rojo toward production in mid-2021. We have accomplished a great deal to get to this point in just two years since the acquisition of the project. With the continued support of local communities, various levels of government, shareholders and now lenders, we can advance toward production by initiating construction in the coming months once the final permit is received,\" stated Jason Simpson, President and Chief Executive Officer. Credit Facility The Credit Facility provides Orla with US$125 million comprised of three tranches; an initial tranche of US$25 million, which Orla has requested to be drawn on closing, and t...