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Red River Resources debt-free after repaying US$6 million working capital facility

Red River is on track to recommence Hillgrove’s gold production later this year, initially from the Bakers Creek stockpile before restarting underground operations in 2021.

Red River Resources Limited - Red River Resources repays US$6 million debt facility with lead and zinc offtake partner Trafigura
Red River acquired the historic Hillgrove Gold Project in August 2019

Red River Resources Ltd (ASX:RVR) is now debt-free after repaying a US$6 million working capital facility held with its lead and zinc offtake partner, Trafigura.

US$6 million was drawn down against the facility in March 2020 and as at June 30, 2020, the outstanding balance on the facility was US$5 million.

Red River made the final repayments from cash generated by its Thalanga Operations and following the repayment of the facility, the company is now free of debt.

Hillgrove on track to begin gold production

This comes as the company remains on track for its next major milestone - beginning gold production from its Hillgrove Gold Mine in northern NSW by the end of 2020.

Headquartered in Melbourne, the company recently increased the mineral resource for Hillgrove Gold-Antimony Project to 692,000 ounces of gold and 75,000 tonnes of antimony after updating the Syndicate Lode resource estimate.

The resource now sits at 5 million tonnes at 4.3 g/t gold and 1.5% antimony while the Syndicate Lode resource now stands at 318,000 tonnes at 3.8 g/t gold and 3.6% antimony or 8.9 g/t gold equivalent for 39,000 ounces of gold and 11,000 tonnes of antimony at a 3 g/t gold equivalent cut-off.

Hillgrove, east of Armidale, also has a substantial remaining JORC 2004-compliant mineral resource, which Red River is systematically converting to JORC 2012 compliance.

Quick facts: Red River Resources Limited

Price: 0.19 AUD

ASX:RVR
Market: ASX
Market Cap: $98.38 m
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