Aton secures CAD 300k bridge loan for work in Egypt’s Abu Marawat concession

Canadian mining firm Aton Resources has lined up a CAD 300k bridge loan from Ou Moonrider to finance its work in the Abu Marawat concession in Egypt, according to an emailed statement (pdf). The loan carries a 10% annual interest rate. Aton had said in June it discovered two new gold mine prospects in the eastern desert concession, with preliminary sampling returning positive results. The mining company said in the statement it is also still waiting on an exploitation license for the West Hamama concession, where Aton is looking to secure 20-year exploitation rights. If the Egyptian Mineral Resources Authority grants the license, Aton would become the second major gold producer in Egypt after Centamin.