Universal Resources owns a 100 percent interest in the Roseby project northwest of Cloncurry in the Mt Isa district. The project was given board go-ahead recently after a definitive feasibility study confirmed its "technical and financial" viability. Native Title agreements are in place and pastoralist compensation agreements are being finalised. Mining lease and Environmental Authority approvals are expected in the coming weeks and the company already has indicative offers from banks on the senior debt financing. The company is looking at 230 million dollars in funding in two tranches, with 30 million dollars up front and then 200 million dollars in senior and subordinated debt.
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