Roxgold reports progress on Yaramoko Gold Project in Burkina Faso

Roxgold Inc., a gold exploration and development company based in Toronto, Ontario, Canada, said late last week that the first drawdown of $30 million was completed under the previously announced $75 million, six-year senior secured project finance facility for development of the Yaramoko Gold Project in Burkina Faso.

Overall construction on the project is about 36 percent complete; bulk earthworks are approximately 95 percent complete. A water storage facility and tailings shortage facility embankments were completed ahead of schedule.

Mine access boxcut is complete, as are the portal collar ground preparations. The project's budget is on track, with approximately $27 million spent out of a total of $44 million committed out of the estimated $110.8 million project capital cost.

A mid-2016 target remains for project commissioning.

"We are pleased that the project continues to progress well," John Dorward, Roxgold's president and CEO, said. "The initial drawdown under the project finance facility is a significant milestone, and I would like to thank our team, as well as our advisers, for their efforts."

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