EganStreet Resources Ltd. said Oct. 16 that it received indicative funding proposals of up to A$35 million for the development of the Rothsay gold project in Western Australia.

The company completed an initial assessment of several nonbinding offers of conventional debt alternatives. EganStreet anticipates to move quickly with the formal appointment of a preferred financier to secure development funding for Rothsay.

"Based on the indicative terms received, we are confident of securing an attractive project funding package which will underpin the development of the project, ensuring we remain on track to join the ranks of gold producers in 2019," EganStreet Managing Director Marc Ducler said in a statement.

The company's board approved the Western Australian gold project to proceed with construction, subject to obtaining a suitable financing arrangement, in July, following a positive definitive feasibility study.