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White Rock Minerals Ltd wins support from U.S. private equity firm for Mt Carrington

White Rock Minerals Ltd wins support from U.S. private equity firm for Mt Carrington

White Rock Minerals Ltd (ASX:WRM) has signed a term sheet with New York based private equity firm Cartesian Royalty Holdings LLC for a two pronged financing for the Mt Carrington gold-silver project in New South Wales.

Under the term sheet, which is conditional on due diligence, Cartesian will provide a A$1 million equity investment, and US$19 million in future streaming financing.

A completed scoping study supports the development of Mt Carrington and forecasts a 7 year mine life with a net present value of A$60.6 million.

Mr Carrington has a Mineral Resource totalling 338,000 ounces of gold and 23,500,000 ounces of silver.

The project would have a low capital cost of A$24.2 million and C1 cash costs of A$754 per ounce of gold and $A10 per ounce of silver.

The phase 1 equity investment would be to assist in the progression of the definitive feasibility study (DFS) and environmental impact statement (EIS) activities.

The phase 2 funding would be for the construction and commissioning of the project to reach commercial production.

This agreement would provide White Rock with milestone long-term supportive strategic partner allowing it to advance the Mt Carrington gold silver project through to commercial production.

Phase 2 funding will be subject to the successful completion of the DFS, EIS and other permitting activities.

White Rock recently entered into an agreement to acquire 100% of the Red Mountain zinc-silver-lead-gold project in central Alaska in exchange for White Rock shares.


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