Can’t say I fully understand the ins and outs of EVG
At one stage I thought I did --- obviously as well as the delay in financing, the cost of the project must have blown out considerably.
But still for a company with a market Cap of $8 million (@ today’s close of 4 cents) --- it is pleasing to see some progress.
The sell down of 50% includes EVG’s 30% partner --- so EVG’s interest will drop 20% to 50%
We will see what eventuates --- it has been a long old haul.
regards .....cy7
** Announcement @ 4.15 pm today.
The Company has received a credit approved offer from Macquarie Bank to provide a US$35 million financing facility for its 70% owned Las Lagunas Gold Tailings Project in the Dominican Republic.
Despite this breakthrough, remaining challenges include completion of engineering to allow bidding and updated capital costs to be finalised, and the sell down of up to 50% of the project to provide the majority of outstanding project equity.
An early start to construction of the Project, which expects to recover approximately US$400 million of gold and silver at today’s bullion prices, is obviously critical, and every effort will be made to commence the fifteen month construction program in January 2009.
EVG Price at posting:
3.9¢ Sentiment: None Disclosure: Held
