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Financing keeps new gold mine opening on schedule

Apollo Gold has closed a $15 million US bridge financing deal with Macqaurie Bank and RMB Resources on its Black Fox gold project, near Timmins. In a Dec.
Northern Ontario Business Staff

Apollo Gold has closed a $15 million US bridge financing deal with Macqaurie Bank and RMB Resources on its Black Fox gold project, near Timmins.

In a Dec. 11 statement, the company said the money will keep the development of the open pit and upgrade of the mill on schedule.
Apollo can use $6 million to advance Black Fox with the balance available once the banks completes a project review and due diligence process. The bridge financing matures on June 30, 2009.
Apollo Gold President and CEO R. David Russel was pleased the money keeps Black Fox on target to go into production next April.

"We have a mill, we have started developing the open pit, equipment is on order, the refurbishment of the mill is underway, and we continue toward finalization of the project finance facilities."