Belfast Telegraph

Co Tyrone gold mine project secures £51 million from investors

A gold-digging project in Co Tyrone is expected to receive a £51 million (84.8 million CAD) investment boost.

Money pledged by investors would fund expanded exploration and engineering at the Sperrins site, Canadian multinational Dalradian Resources said.

Two mining finance groups promised their backing if planning and regulatory approvals are granted.

Patrick F.N. Anderson, Dalradian's chief executive officer, said: "This is a strong vote of confidence in both the Curraghinalt Gold Project and in Northern Ireland as an investment destination by two highly respected mining finance groups."

Overall, since July, the firm has provisionally received £74.4 million (123.5 million CAD) investments.

Mr Anderson added: "This means that the company is now well-funded to move Curraghinalt through permitting, while continuing to expand and improve the value of the project through further investment in exploration and engineering."

Millions of ounces of the precious metal have been identified at Curraghinalt near Gortin.

Total investment in the project over the lifetime of the mine is expected to exceed hundreds of millions of pounds, creating hundreds of jobs in the process.

Dalradian entered into provisional agreements with Orion Mine Finance II LP and Osisko Gold Royalties Ltd for a combined investment worth around £51 million.

Those are subject to planning permission being granted by the authorities in Northern Ireland to build a mine at Curraghinalt. Regulatory approval must be obtained from the Toronto Stock Exchange.

The mining company has previously said the project is an opportunity to create a new industry in a region that has not witnessed an opportunity on this scale for a very long time.

Environmental protesters have campaigned against the development but some local people are supportive after a community fund was established by the firm.

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