All well and good, but there's a lot a financial and a legal proceeding as hurdles.
Great news on getting things moving and trucking ore, but it seems to me it's best to pay there debts before SH see profit. And yes a Gold pour wouldn't be far off.
(ii) The Joint Venture entered into an agreement with Blue Capital Services Pty Ltd to fund mining costs needed to bring the gold mine into full production. Blue Capital Services Pty Ltd will fund mining and related costs to a maximum of $7,500,000 until the mining operations are cash flow positive. These borrowings are repayable within 7 months of operation commencement on 5 May 2017. The cost of funding, dependent on the amount of draw down, is pro rata up to a maximum of $2,300,000 payable from free cash flow. The fixed return is calculated at 30.7% of the accrued Working Capital Extension and at 30 June 2017 was $439,094. At June 30th 2017, the Joint Venture had drawn-down $1,430,274 on the Blue Cap funding facility. The total JV borrowings at 30 June 2017 were $1,869,368 of which Empire’s 60% share was $1,121,621 inclusive of the facility fee. Blue Cap has a mortgage over the Penny’s Find Gold Project Mining tenements until the borrowings and fixed return is paid in full.
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