While the banks continue to perform extensive due diligence and project review for Apollo Gold's proposed Black Fox gold mine near Timmins, a $15 million interim financing has been proposed to allow development work to continue on schedule.
To date, all access roads and mine haul roads have been built. The removal of the glacial till overlaying the open pit has begun, with nearly 300,000 tonnes of till already having been stockpiled. This work is expected to be completed in May 2009.
Orders have also been placed for mining equipment, with all material needed for mining scheduled to arrive in January and February 2009. Mining of the open pit ore and waste material will begin in March 2009.