CALGARY, June 26 /CNW/ - Infinito Gold Ltd. (the "Company") - The Company
is pleased to announce that it has borrowed $Cdn 2,000,000 from Exploram
Enterprises Ltd. ("Exploram"), its controlling shareholder. Interest is
payable on the loan at a rate of 9.5% per annum, payable monthly and a 3%
structuring fee will be paid by the Company to Exploram. The loan is payable
on demand after September 30, 2008 and is secured by a general security
agreement over the Company's assets. This demand loan is in addition to the
$7,500,000 in loans outstanding which were obtained from Exploram through
financings on June 19 and December 27 of 2006 and on March 27 and May 27 of
2008 plus a $5,000,000 convertible debenture maturing on January 31, 2009.
The proceeds of the loan will be used by the Company's wholly owned
subsidiary, Industrias Infinito S.A. ("IISA") to advance road building and
mine site activities associated with the ongoing development and construction
of the Crucitas gold mine in Costa Rica as well as to fund general corporate
requirements. The Company felt it necessary to close the transaction
expeditiously to enable it to promptly meet development obligations.
John Morgan, President
Infinito Gold Ltd.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Infinito Gold Ltd., Suite 220, 1010 - 1st
Street S.W., Calgary, AB, T2R 1K4, Tel: (403) 444-5191, Fax: (403) 444-5190