Arizona Gold Announced Restart of Copperstone Gold Mine

SEATTLE (Scrap Monster): Arizona Gold Corp. provided project update at its Copperstone gold mine located in Arizona, United States. The company expects to restart the mine in Q4 this year.

As announced earlier, it had entered into a US$18 million project financing with Star Royalties Ltd. towards restarting operations at the mine. The first two of the three equal instalments of $6 million each have already been received. The final instalment will be made available at the request of the company as it incurs expenditures, said the company news release.

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Arizona Gold Corp. has already roped in several key consultants for the mine and is in the process of finalizing details to prepare the project for operations. Also, final mine design and schedules are being prepared in preparation for the forthcoming reserve update and ramp up to full mine production. It has already initiated pre-production mine ground support rehabilitation. In addition, it has completed works on final layout and design of the new gold processing plant at the facility.

Giulio T. Bonifacio, Chief Executive Officer of Arizona Gold stated that the company is pleased to have made significant progress towards the restart of the Copperstone gold mine.