Carpathian Gold has received a project loan facility of $75m from the Macquarie Bank for the construction and development of Riacho dos Machados gold project in Brazil.

According to the feasibility study, the project has proven and probable open-pit reserves of 20.9Mt at 1.24 g/t Au for 830,200oz of gold with an initial mine life of eight years.

Carpathian Gold’s subsidiary Mineracao Richao dos Machados will be the borrower under the facility, and Carpathian Gold will act as guarantor of the facility until project completion.

The firm will receive the loan in two tranches and has the option to increase the maximum amount of the facility from $75m to $97m.

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