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News: MGT Resources secures $1.5M loan

  1. MGT Resources (ASX:MGS) has executed a $1.5 million secured loan from Taiwan’s Taimetco International to help fund its projects.

    The two parties have also agreed to terminate an off-take agreement that was a constraint on flexibility.

    The loan has a term of two years at an interest rate of 6.5% per annum.

    MGT has been working towards developing a new resource estimate for the Dalcouth prospect at its Summer Hills Tin Project in Queensland.

    Collation of drilling information is nearing completion. New data gathered from the latest drilling at Dalcouth will allow development of a more detailed geological model for the project with the aim to increasing the confidence and size of the JORC resource.

    During the December Quarter 2014, preliminary 3D modelling was conducted on the Gettysberg prospect at the Pyramid Gold Project in Queensland to define targets for expansion of the mineralised zone.

    These targets and soil sampling conducted in the previous quarter will be used to assist design for further drilling at the prospect.

    MGT is in the process of planning a drilling program at the Pyramid Project. This will focus on expanding the resource at Gettysberg, as well as testing new areas of interest.

     

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