04:01 PM EST - Armistice Resources Corp. : which expects to begin gold production in 2011 from its McGarry Mine in the Kirkland Lake area of northeastern Ontario, today announced that it has signed a term sheet with respect to entering into a loan facility agreement for up to $11 million with Sprott Resource Lending Partnership (SRLP). The term sheet proposes that SRLP will make an initial advance to Armistice of $7 million on closing, with an additional $4-million second tranche available on or before June 30, 2011. Armistice expects to use the proceeds of the loan facility for the development of its McGarry Mine gold project and for exploration of the Kerr-Addison property. Armistice Resources Corp.
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