Wharf arranges US$20-million loan

Wharf Resources Partnership, which owns the Wharf open-pit gold mine near Lead, S.D., has arranged a US$20-million term loan with a U.S. bank. The Wharf Resources Partnership is 100% owned by Wharf Resources (TSE) and its subsidiary Wharf Resources (USA).

The loan, consisting of Tranche A for US$12 million and Tranche B for US$8 million, is available either in U.S. dollars or gold and is repayable in eight semi-annual instalments until maturity on June 30, 1997. The loan is secured by the assets of the Wharf mine.

Tranche A, paid on Dec. 23, 1992, will be used to repay a US$5-million credit facility and to fund the recently acquired 60% interest in the Golden Reward mine, adjacent to the Wharf mine.

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