The Queensland Mining Corporation Limited has reached an agreement with Tulla Resources Group Pty Ltd for the provision of an Australian $3 million loan facility. The company is focused on exploration and development of gold and copper projects in the Cloncurry region of north west Queensland.
The two companies are as of now finalizing the documentation of the loan facility. The funds thus obtained will be used by the Queensland Mining Corporation as working capital. It will fund the preparation of mining and delivery of copper ore to the third party processing plants, implementation of the current season’s drilling exploration program, and up gradation of the White Range JORC resource categories.
It will also allow Queensland Mining Corporation to update the Matrix Metals feasibility study of the White Range project. The company is reasonably sure that it can generate early cash flow from the Flamingo Copper project, the Mount Freda project and the Gilded Rose Gold Projects.
The Queensland Mining Corporation also has a long life mining operation in the Cloncurry region thanks to the White Range Project which provided the company with a huge JORC compliant resource. The company is well on its way to meeting its goal of becoming a major mining entity in the short to medium term time frame.