Harte beginning to beat at Sugar

Following the receipt of a positive preliminary environmental assessment for the Sugar Zone project in northern Ontario, Canada, Harte Gold said it could reach commercial production late this year as it looks forward to first gold production in July
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An aerial view of Sugar Zone from 2016

Staff reporter

Harte's progress towards these goals has been made possible with the full receipt of funding for the project from Sprott Private Resources Lending and Appian Natural Resources Fund totalling US$70 million.

Sprott has provided $50 million in a debt facility, while Appian committed to $20 million via loan.

"The financing … represents a fully funded solution with enough liquidity to support ramp-up of our operations and cover any unforeseen downturn in commodity prices, without having to approach the equity markets or any other financing dilutive to shareholders," Harte Gold president and CEO Stephen Roman said.

"We appreciate Appian's continued support and are pleased to welcome Sprott … as a new investor in the project."

Harte owns 100% of Sugar Zone, which has a projected mine life of 11 years. The underground operation is expected to produce 904,000oz of gold at an average annual rate of 80,700oz.

The miner also holds the Stoughton-Abitibi property east of Timmins, Ontario.