i-80 Gold Enters Into $135 Million Financing Package for Nevada-focused Mining Complex
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i-80 Gold has signed definitive agreements for a financing package for aggregate proceeds of $135 million and an accordion option to potentially access an additional $100 million.
The financing package, when combined with the recent equity financing completed by the company, will place i-80 in a robust financial position to proceed with the aggressive advancement of its substantial asset portfolio. Following completion of the financing package, the company expects to have approximately $200 million in its treasury.
“The financing package will position i-80 to aggressively pursue the development of the company’s portfolio of advanced-stage deposits, all located in Nevada, one of the world’s most favorable mining jurisdictions,” said Ryan Snow, chief financial officer of i-80.
“With multi-million ounce gold and silver resources, and our enviable treasury position, we now pursue our objective to be one of the mining industry’s fastest growing producers,” added Snow.
“Our primary target is to quickly grow our production profile to create a Nevada-focused mid-tier gold producer and achieve our goal of becoming one of the largest producers in the state,” said Ewan Downie, chief executive officer of i-80 Gold.
“As one of only three companies in Nevada with infrastructure to process refractory mineral resources, i-80 has gained a strategic advantage for long-term mine development,” added Downie.
i-80 is proceeding with its plan to build a minimum of four new mining operations at its Ruby Hill, Granite Creek, Buffalo Mountain, and McCoy-Cove properties over the next three years, with mineralization from all sites ultimately being processed at Lone Tree. While Lone Tree is being retrofitted to suit mineralization from the i-80 properties, NGM has agreed to process material for i-80 at its currently operating processing facilities.
Read more details about the financing package and mining operations development plans, HERE
About i-80 Gold Corp.
i-80 Gold Corp. is a Nevada-focused mining company with a goal of achieving mid-tier gold producer status. The company is studying and costing the retrofitting of the Lone Tree Autoclave, advancing an underground development program for the Granite Creek Project, executing an initial drill campaign at Ruby Hill and intends to advance the McCoy-Cove Property through to advanced exploration.
To stop by i-80 Gold’s website, CLICK HERE
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