Marathon Gold Corporation is pleased to announce the execution of a credit-approved commitment letter with Caterpillar Financial Services Limited (“Cat Financial”) for equipment lease financing related to the development and operation of the Valentine Gold Project located in central Newfoundland (the “Project”).
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Matt Manson, President and CEO of Marathon, commented: “We are very happy to be announcing today our equipment leasing commitment with Cat Financial, another significant milestone in our project financing arrangements for the Valentine Gold Project. This agreement will provide financing for the Project’s mobile mining equipment through project development and into the first several years of mining operations at an attractive overall cost of capital for Marathon.”
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The commitment letter announced today with Cat Financial contemplates US$81 million of equipment leasing for Caterpillar trucks, excavators, graders, loaders, and dozers, for the purpose of loading, hauling, road maintenance, waste dump maintenance and primary pit support for the Project. The Cat Financial lease will be available to the Company upon release of the Project from its federal Environment Assessment process, review of the Project’s updated Feasibility Study, satisfaction of a cost to complete certification, and other customary conditions.
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