East Asia Minerals Arranges C$17.5-million Credit Facility
Vancouver-headquartered East Asia Minerals Corp., a mineral resource exploration company focused on developing precious metals projects in Indonesia, has entered into an arrangement with Isatis Capital Group of Montreal to secure a credit facility loan of up to C$17.5 million. Proceeds will be used to bring the Sangihe gold project in Indonesia into production, and for exploration and infill drilling of the Binebase/Bawone corridor to increase both resources and reserves, as well as for general working capital. The company has completed the Indonesian feasibility study and environmental reports, and once they are submitted and accepted by the Indonesian Mining Department, construction of the mining facilities and infrastructure can begin at the Sangihe project. The company anticipates making a decision for gold processing and production to begin in 2018.