Arianne Phosphate (TSXV:DAN) reported its financial results for the fourth quarter and full year of 2015.
As quoted in the press release:
2015 Financial and Operational Highlights
- Completed its permitting process by receiving the approval from the Cabinet of the Government of Quebec for the Lac à Paul project which gives Arianne the permission it needs to go ahead with its development, an important step in the process. The Company will continue its ongoing discussions with potential corporate, strategic and financial partners.
- Respected the deadlines for the port facilities project carried out by Port of Saguenay. The Environmental studies are underway for the Canadian Environmental Assessment Agency CEAA.
- Through its cost reduction program, announced substantial savings from the original cost presented in its Feasibility Study. The anticipated cost is now of $US79 per tonne at an exchange rate of $0.95. This reduction is the result of an optimized mining plan to include additional resources it had proved up, as well as savings associated with a more streamlined metallurgical process.
- Identified new measured and indicated resources on the Paul Eastern Extension in a new 43-101 mineral resource estimate (M+I) on the Paul zone. These results bring the Company closer to its goal of demonstrating that the mine will have a 50-year lifespan.*
- Signed a Cooperation Agreement for the Lac à Paul Mining project with the First Nations Innu from Pessamit, Mashteuiatsh and Essipit. This agreement better positions Arianne to grow, for the betterment of all of our stakeholders including those in the Innu communities.
- Benefited from the deferral of approximately $600,000 in interest payable to the Lender until maturity of the credit lines onDecember 31, 2015, to Mercury Financing Corp. (the “Lender”).
- Closed an $18,750,000 expanded a non-revolving credit facility in October 2015 with the current lender and also amended the terms. The new credit facility will be used to replace its current facility of $12,500,000 (plus any accrued interest).
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