Anaconda Mining Inc. secured a C$5 million loan with the Royal Bank of Canada, with the proceeds to be earmarked for pre-construction work at the Goldboro gold project in Nova Scotia.

The facility is repayable monthly over a two-year term, with certain prepayment options. It bears a fixed interest rate of 4.6% and a performance guarantee fee by Export Development Canada of 1.85%, payable quarterly based on the proportional amount outstanding.

Anaconda has drawn the full amount, with the first monthly payment due in 30 days, according to a March 12 release.

The company expects to finalize a feasibility study for Goldboro in 2019 and complete all work required to obtain mining permits to be shovel-ready in early 2020.