Business
Tagish Mandates Macquarie Bank Ltd. to Arrange Feasibility and Project Debt Financing Facilities
Tagish Mandates Macquarie Bank Ltd. to Arrange Feasibility and Project Debt Financing Facilities.
About this update from Troilus Mining Corp
[{"type":"text","content":"\n\n\n\n\n(TSX.V: TLG)\n\nRICHMOND, BC, Aug. 17 /CNW Telbec/ - Tagish Lake Gold Corp. (TSX.V - TLG)\nis pleased to report that the Company has entered into an engagement and\nmandate letter with Macquarie Bank Ltd. (Macquarie) to arrange a feasibility\nfinance debt facility and act as the exclusive arranger for project debt\nfinance and hedging facilities to fund the capital expenditures for the\nCompany's Skukum Creek gold-silver project in the Yukon, Canada. A technical\nassessment of the pre-feasibility study and resource estimate, and property\nvisits have been undertaken by Macquarie personnel.\nMacquarie is a diversified international provider of specialist\ninvestment banking and financial services with over 8,200 employees in 24\ncountries. Headquartered in Sydney, Australia and listed on the Australian\nStock Exchange in 1996, Macquarie, is ranked as one of Australia's top 15\ncompanies by market capitalization.\nPursuant to the terms of the arrangement, Macquarie will be engaged and\nwill have an exclusive mandate for a period of thirty-six months, extendable\nat Tagish's option, to develop and secure appropriate debt funding with\nrespect to a feasibility finance facility and, if warranted, project debt\nfinance and hedging facilities.\nThe first phase of the engagement would be a C$2,000,000 feasibility debt\nfinance facility to provide the Company with funds for the completion of the\nbankable feasibility study for the Company's Skukum Creek gold-silver project.\nThe draw down for the feasibility finance funds would be in two tranches, the\nfirst being conditional on the production of an updated resource model\nincorporating the results of the current drilling aimed at demonstrating the\ntargets envisaged in the prefeasibility study of Nov 2005 (See release Dec 6,\n2000). This is scheduled for completion in the fall of 2006. The second\ntranche would be made available conditional on successful progress being made\non the final feasibility study. The feasibility study is scheduled for\ncompletion in early 2007. Environmental assessment, mineral processing, and\nresource studies are all in progress.\n\"This is a significant development in the Company's history as it\nprovides us with financial backing from one of the industry's top\ninstitutions. We are well on the way to reaching the project milestones we set\nfor th...