1. Most Discussed
  2. Gainers & Losers
MGS 25.0¢

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.


Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.