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Mongolian Resource Corporation secures 2 million USD line of credit

By B.Khash-Erdene

According to a report by ProactiveInvestors, the Mongolian Resource Corporation (MRC), following a review of funding options, has secured a 2 million USD line of credit from the Ulaanbaatar City Bank.

Gold production and the implementation of MRC’s mining plans will move the facility towards a positive cash flow, the report said. Two high-grade gold deposits in Mongolia are the current focus of MRC and both may commence near-term production in 2013.

The company’s December 2012 quarterly report outlined the care and maintenance of the Sujigtei Gold Project’s winter period, with reduced staff and overhead costs. The Sujigtei Gold Project, an underground mine with open pit potential, has been mined previously and has considerable underground systems already in place.

MRC’s second project is the Kargana Underground Mine, the location of the Blue Eyes Plant location. The asset’s geology resembles the nearby Boroo deposit in potential size, scale and surface grade.

Short URL: http://ubpost.mongolnews.mn/?p=3495

Posted by on Apr 2 2013. Filed under Business & Economics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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