Carpathian Gold Inc. is taking out a line of credit with Macquarie Bank Ltd. for $75 million to $97 million, the Toronto-based mining company said Wednesday.

The money, which will fund the construction and development of the Carpathian's Riacho dos Machados Gold Project in Brazil, will be provided in two tranches and carries an interest rate of LIBOR plus 5 percent to 5.5 percent before the venture is completed and 4.5 percent to 5 percent after the venture is completed.

This facility represents a significant milestone for the development of the Riacho dos Machados Gold Project, especially in these uncertain and challenging times where debt facilities are generally difficult to obtain, said CEO Dino Titaro.