In addition, Aur has advanced $4 million to Belmoral as a loan convertible into Belmoral common shares. Belmoral says the agreement paves the way for further negotiations between the two intended to provide Belmoral with the funds necessary to repay its short-term debt and to complete properly the required development at its Ferderber and Dumont mines at Val d’Or.
Belmoral reports it has expanded the number of working places at its Ferderber mine from 12 to 17. It also says it has outlined substantial gold mineralization at a depth of 1,650-2,250 ft in the Dumont mine. Upon establishing sufficient ore reserves, the company expects to deepen the existing shaft.
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