The funds will be applied primarily to share capital in the Cuban joint venture mining company, Minera La Victoria SA, which will be used for initial development activities on the joint venture’s Nueva Sabana gold-copper mine, and on pre-development expenditure for the La Demajagua gold-silver-antimony mine.
Contributions to date for the US$15.0 million farm-in to 50% ownership of Minera La Victoria are ~US$14.35 million.
This announcement has been authorised by the Chairman of Antilles Gold Limited.
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