The loan will be used for immediate working capital and operating expenses and is repayable by the end of 2015.

Throughout this period, the company is expecting to generate cash flow from the newly exporting operation.

Roper River received revenues from its first shipment of 70,000 tonnes of direct shipping ore from Darwin port to a Chinese buyer in October.

Sales revenues during October were $4.5 million and were forecast earlier this month to be $9 million for November and December 2013.

Mining, crushing and screening of the 200,000t bulk sample began in July, with some 64,700t grading 59.5% iron reported to have been extracted from the site by August.

Roper River comprises three exploration licences and one exploration licence application, covering 3444sq.km about 475km southeast of Darwin.

Scoping work done at the site projected a 4-5 million tonne per annum operation within two to three years of operation, with a mine life running until 2025.

Roper River’s total resources are 100Mt at 45% iron, inferred and indicated.

Shares in Sherwin last closed at 10c.