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Millennium extends loan by A$7.5M for Nullagine gold mine's ramp-up

Millennium Minerals Ltd. secured a A$7.5 million extension to the A$20 million term loan facility previously agreed with its major shareholder, IMC Group.

The facility is due Dec. 31, 2020, and carries an interest rate of 13.5% per annum.

The company said Oct. 22 that the extended facility will provide additional liquidity while it ramps up production from the new Golden Gate mining center at the Nullagine gold project in Western Australia, completes the transition to an owner-operator model for load and haul operations, and starts strategic exploration initiatives.

Millennium received approval for the amended Golden Gate mining proposal and has kicked off development and mining operations.

The first parcel of high-grade ore from Golden Gate will be delivered to the Nullagine plant this week, the company noted.

Managing Director Warren Hallam said the "initiatives are aimed at re-positioning the [Nullagine] operation to a sustainable quarterly production level of [about 20,000 ounces] with strong operating cash-flows."

Millennium recently reoptimized the mine plan for the Nullagine mine and revised the full-year production guidance to 80,000 to 90,000 ounces at an all-in sustaining cost of A$1,370 per ounce to A$1,450/oz.