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Toronto-listed i-80 Gold has secured a $135-million financing package, with an option to potentially access an additional $100-million to develop its portfolio of advanced-stage deposits, in Nevada, US.

Combined with recent equity financing, the company will have about $200-million in its treasury, placing it in a robust position to invest in its portfolio of assets.

The financing package comprises a $50-million convertible loan with OMF Fund, an affiliate of Orion Mine Finance, as well as a $10-million convertible loan with a fund managed by Sprott Asset Management and a fund managed by CNL Strategic Asset management. The company also entered a $45-million gold prepay purchase and sale agreement with affiliates of Orion, including an option to access an addition $50-million, and a $30-million silver purchase and sale agreement with Orion affiliates, plus an additional $50-million option.

“The financing package will position i-80 to aggressively pursue the development of the Company’s portfolio of advanced-stage deposits, all located in Nevada, one of the world’s most favourable mining jurisdictions,” stated CFO Ryan Snow.

i-80 recently closed a transaction to acquire the Lone Tree and Buffalo Mountain gold deposits from Nevada Gold Mines (NGM), including certain processing infrastructure, that is expected to become the hub of i-80’s Nevada property portfolio.

i-80 also acquired the producing Ruby Hill mine, that includes multiple deposits that collectively represent one of Nevada’s biggest gold, silver and base metal endowments that, when combined with existing assets Granite Creek and McCoy-Cove, i-80 is now positioned to begin executing on its plan to build a prominent, stand alone, growth-oriented, multi-asset gold producer.

“Our primary target is to quickly grow our production profile to create a Nevada-focused mid-tier gold producer and achieve our goal of becoming one of the largest producers in the state,” said CEO Ewan Downie.

“As one of only three companies in Nevada with infrastructure to process refractory mineral resources, i-80 has gained a strategic advantage for long-term mine development.”

i-80 is proceeding with its plan to build a minimum of four new mining operations at its Ruby Hill, Granite Creek, Buffalo Mountain, and McCoy-Cove properties over the next three years, with mineralisation from all sites ultimately being processed at Lone Tree. While Lone Tree is being retrofitted to suit mineralisation from the i-80 properties, NGM has agreed to process material for i-80 at its currently operating processing facilities.