Artemis Lands Financing for the Blackwater Project

Artemis has established a construction camp at the Blackwater project and recently began ordering
construction equipment. (Photo: Artemis Gold)
Artemis Gold Inc. has executed a syndicated project facility with National Bank of Canada, Macquarie Bank Ltd., ING Capital LLC, Société Générale and Bank of Montreal (BMO) in respect of its previously announced $27.5 million Project Loan Facility (PLF), which would fund a significant component of the estimated construction costs of the company’s Blackwater gold project in central British Columbia. The PLF also provides for $29 million standby cost overrun facility.

“Execution of the definitive documents for the PLF is yet another major milestone on the development path for Blackwater,” Artemis Chairman and CEO Steven Dean said. “The caliber of the syndicate banks who have joined the leads, National Bank and Macquarie, is further testimony to the financial strength of the project.”

The proposed Blackwater mine plan involves mining 334 million metric tons (mt) of ore, 586 million mt of waste rock and 87 million mt of overburden. Conventional open pit mining methods will be used, initially targeting high-grade, near-surface ore.

As featured in Womp 2023 Vol 03 -