Plexus Resources Corp. has established terms for a $33 million credit facility with Elders Resources Finance Ltd. of Sydney, Australia, to fund a gold mining venture in Nevada.

Subject to regulatory and shareholder approval, Elders, an international merchant bank that finances natural resource development proj-ects, will grant Plexus a letter of credit and receive warrants to purchase 2.5 million shares of Plexus common stock for its fees.Loan proceeds will fund part of the development costs for the Rawhide gold mine located near Fallon, Nev., and for acquisition purposes.

Plexus Resources Corp. is a Salt Lake-based company engaged in exploration and development of natural resources in both Canada and the United States.