Work on gold mine in Nicaragua halted after financing fails
Central Sun Mining has stopped work on its Orosi gold mine in Nicaragua after the fail of $22 million in financing.
Wednesday, October 22, 2008
Central Sun, already operating the Limon gold mine in Nicaragua, had earlier entered into a non-binding term sheet with the bank for $22.5 million to complete the Orosi project, on which it has spent $31 million to date and which was expected to be competed next spring.
Central Sun Mining Inc. reported results of a feasibility study on the Orosi Mine located in Nicaragua, including economic forecasts and independently prepared Mineral Resource and Mineral Reserve estimates.
Radius Gold will invest $4.5 million in gold extraction at its Holly-Banderas mine, in southeast Guatemala.
B2Gold Corp. made the acquisition from Central Sun Mining, owner of the gold mines in Nicaragua, for $53.7 million.
Mineros SA has bought 90% of the shares of the Bonanza mine from the company Hemco, for an amount that has not been disclosed.
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