Victoria Gold has executed an agreement for $220m in debt financing for the development of Eagle Gold project in Yukon Territory, Canada.

Earlier this year, a commitment letter was signed with BNP Paribas towards project funding.

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Under the agreement, BNPP has obtained credit approval to fully underwrite the planned $220m, senior secured project finance facility.

Victoria Gold president and CEO John McConnell said: “The loan facility with BNPP provides the majority of the required project funding and leaves the company with flexibility to source the remaining capital.

“The company will consider various alternatives to raise the balance of required project capital with the aim of minimising dilution to our existing shareholders.”

“The company will consider various alternatives to raise the balance of required project capital with the aim of minimising dilution to our existing shareholders.”

Before the loan facility closes, Victoria Gold needs to fully finance construction of the Eagle Gold mine.

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In addition, the company is required to fund other related cash outflows such as sustaining capital in the first year of production, working capital, and interest and financing fees.

The Eagle Gold deposit is on the company’s 555km² Dublin Gulch gold property, which is located 375km north of the capital city of Whitehorse, 85km from the town of Mayo.

According to the feasibility study, the Eagle Gold mine has proven and probable reserves of 2.7 million ounces of gold from 123 million tonnes of ore with a grade of 0.67g of gold per tonne.