American Bonanza Announces Progress at Copperstone Mine and Completion of a Gold Facility
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/14/12 -- American Bonanza Gold Corp. (TSX: BZA)(OTCQX: ABGFF) ("Bonanza" or "Company") is pleased to announce a progress update at the high-grade Copperstone Mine during April 2012, and to announce that it has completed a second priority secured gold prepayment facility to support the successful ramp-up of the Copperstone Mine to full production.
Bonanza continues to make positive progress during its expected ramp-up stage as it approaches its objective of reaching design rates for mining and production. Performance during April represents a substantial improvement over the first quarter of 2012. Once at design rates, Bonanza will be able to announce commercial production. Current improvements during the ramp-up phase include:
The mining activity is focusing on three zones. Within the next two or three months, these three zones will ensure that the mine has more than sufficient ore stopes available to achieve design output:
Gold Facility Details
In order for Bonanza to expedite the opening up of the 'North D' Zone and develop stopes in the 'C' Zone, plus improve equipment availability and the building of a spare parts inventory, Bonanza completed a second priority secured gold prepayment facility. The gold prepayment facility was completed with an arms-length Lender, whereby Bonanza has agreed to deliver 3,215 ounces of gold for delivery on June 1, 2015, for gross proceeds of US$4,501,000 (the "Facility").
The Facility will be repaid through the delivery of 3,215 ounces of gold (the "Gold") on June 1, 2015, subject to the Lender's option to receive the Gold or cash. The Gold that has been committed under this Facility represents approximately 1% of the measured and indicated mineral resources at the Copperstone gold mine.
The Facility is subject to optional early repayment by the Company after eight months have passed with a prepayment equal to the gross proceeds plus the outstanding interest which would become due until June 1, 2015, less interest previously paid. The Company will pay an interest rate of 12% per annum, commencing on July 1, 2012. The Facility is secured by a second priority charge over the personal property of the Company and the Company's wholly owned subsidiary, Bonanza Explorations Inc.
This news release was reviewed by Douglas Wood, P.G., Vice President, Exploration of Bonanza, a non-independent Qualified Person within the meaning of NI 43-101.
About Bonanza
Bonanza is operating the newly constructed Copperstone gold mine in Arizona. For more information please visit Bonanza's website at .
AMERICAN BONANZA GOLD CORP.
Brian Kirwin, President & Chief Executive Officer
We seek safe harbour.
Contacts:
American Bonanza Gold Corp.
1-877-688-7523
American Bonanza Gold Corp.
Suite 1238-200 Granville St.,
Vancouver, BC V6C 1S4
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Datum: 14.06.2012 - 12:45 Uhr
Sprache: Deutsch
News-ID 156526
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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