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Galane Gold nets US$5M loan to fund restart of Galaxy mine

Galane Gold Ltd. said March 5 that it entered into a US$5 million secured loan facility with Barak Fund SPC Ltd.

Drawdowns on the facility remain subject to various conditions precedent, which are expected to be completed by July.

The company will use the proceeds for refurbishing and expanding processing facilities and restarting underground operations at the Galaxy gold mine in South Africa.

Galane expects to achieve first production at Galaxy in the first quarter of 2019, with annual output projected to be over 25,000 ounces of gold at a cash cost per ounce of less than US$800.

The company also plans to complete a study on a second expansion phase to double the capacity at the Galaxy processing plant to 60,000 tonnes per month.