{"id":1200087,"date":"2020-08-05T15:11:35","date_gmt":"2020-08-05T20:11:35","guid":{"rendered":"https:\/\/www.mining.com\/?p=1031881"},"modified":"2020-08-05T15:11:35","modified_gmt":"2020-08-05T20:11:35","slug":"victoria-repays-10-million-of-secured-credit-facility","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1200087","title":{"rendered":"Victoria repays $10 million of secured credit facility"},"content":{"rendered":"

Victoria Gold\u00a0made a $10 million early unscheduled repayment of interest and principal towards its $100 million senior secured credit facility. <\/p>\n

The facility was fully drawn as of the end of March and the company made its first, $7.1 million principal repayment at the end of May.<\/p>\n

\u201cWe are advantaged to be in the final stages of ramping up the Eagle gold mine to full production of over 200,000 oz. of gold annually at a time of record-breaking gold prices,\u201d John McConnell, the company\u2019s CEO, said in a release. <\/p>\n

\n
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Victoria Gold\u2019s wholly owned Eagle heap leach mine achieved commercial production on July 1 and is expected to generate 85,000 oz. to 100,000 oz. of gold in the last two quarters<\/p>\n<\/blockquote>\n<\/figure>\n

\u201cThe substantial free cash flow provided by the wide profit margins we are achieving has put us in a position to accelerate debt repayment.\u201d<\/p>\n

The credit facility does not involve fees or penalties for early repayments; it features quarterly payments with the last repayment scheduled for November 2023.<\/p>\n

In addition to the senior credit facility, Victoria also has $75 million outstanding within a subordinated credit facility and a $50 million equipment lease.<\/p>\n

Victoria Gold\u2019s wholly owned Eagle heap leach mine achieved commercial production on July 1 and is expected to generate 85,000 oz. to 100,000 oz. of gold in the last two quarters of this year at all-in sustaining costs of $950 to $1,100 per oz. The Eagle mine lies within the 555-sq.-km Dublin Gulch property, which hosts the Eagle and Olive gold deposits.<\/p>\n

Based on a technical report released last December, the Eagle mine is expected to produce an average of over 210,000 oz. of gold a year at all-in sustaining costs of $774 per oz. over a mine life in excess of 10 years.<\/p>\n

(This article first appeared in the\u00a0<\/em>Canadian Mining Journal<\/em><\/a>)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Company made a $10 million early unscheduled repayment of interest and principal towards its $100 million senior secured credit facility.<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[43],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1200087"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1200087"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1200087\/revisions"}],"predecessor-version":[{"id":1200091,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1200087\/revisions\/1200091"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1200087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1200087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1200087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}