Harte Gold Corp
Harte Gold Corp
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Full access to Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275.00 per year*
(*up to 10 users)
GST included in Australia
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
Australian miner Silver Lake is targeting material operational improvements and low-cost growth strategies after completing its acquisition of Harte Gold and its Sugar Zone mine in Canada.
The high-grade northern Ontario mine produced 51,543oz gold in CY2021 in line with Harte’s revised guidance but insufficient to resolve its short-term cash issues and the need for additional capital investment.
Australian miner Silver Lake Resources has been declared the successful bidder for insolvent Canadian company Harte Gold and its Sugar Zone mine in northern Ontario.
Silver Lake offered $US74.5M consideration reflecting the value owed under credit facilities, liabilities including about $22M relating to the transition of mine operation, about 25M shares to meet finance facility obligations and up to about $3M cash to complete court proceedings.
Inside track or stalking horse? Australian miner Silver Lake Resources completes a subscription deal it hopes will enable it to take 100% ownership of insolvent Canadian company Harte Gold and its Sugar Zone mine in Northern Ontario.
Australian miner Silver Lake Resources has positioned itself for a significant Canadian acquisition by getting the inside track over the coming sale of insolvent Toronto-based Harte Gold and its Sugar Zone mine in northern Ontario.
As Harte enters a court-approved creditor protection process, Silver Lake has formalised agreements to provide a $C10.8M debtor-in-possession loan and subscription agreement to purchase the company.
Canada's Harte Gold aims to start production by July after completing a positive PEA outlining 80,700ozpa at AISC of $US708/oz over 11 years at its 100%-owned Sugar Zone project near White River in N Ontario.
The study assessed a phased development that could deliver 54,500ozpa in 2019 and 2020, rising to over 100,000ozpa in 2021-25.
Harte says $C58M remains to be spent on process plant completion, underground development and working capital.
It calculates post-tax NPV at 5% discount at $244M and IRR at 42%.
Harte Gold has completed the $C19.31M 1st closing of the common share tranche of its bought deal private placement to bring on its 465,240oz contained gold resource Sugar Zone property near the Hemlo Gold Camp in Ontario, Canada.
The deal includes a new investment from Orion Mine Finance, with the final closing of the bought deal by Jan 8, 2018, giving it a 7.2% stake in Harte.