Heron Completes Draw-Down of First Tranche of US$20M Debt; Project More Than 50% Complete
May 30 2018 - 11:02PM
Heron Resources Limited (ASX:HRR, “Heron” or the
“Company”) is pleased to announce it has completed the
draw-down of the first tranche of US$20M of debt from Orion Mine
Finance. As announced to the market on 30 June 2017, the total debt
provided by Orion Mine Finance is US$60M; the remaining US$40M
remains undrawn and is available to Heron.
Heron’s Managing Director, Wayne Taylor,
commented:
“The draw-down of the US$20M debt tranche is a
significant milestone for the Woodlawn project finance and was
subject to the completion of specific conditions precedent, all of
which have been satisfied. The debt tranche is being drawn-down in
accordance with the project timeline with the funds to be utilised
for Woodlawn plant construction activities. The project is
advancing to schedule and once in production will position the
Company to capitalise on favourable conditions in the physical zinc
market.”
Excellent progress is being made with
construction activities at Woodlawn with the EPC contractor
confirming the late fourth quarter start for commissioning. The
project has passed the 50% completion milestone with a progressive
shift from earthworks and foundations to structures and equipment.
In last few weeks progress has resulted in:
- The arrival of significant amounts of process plant equipment –
pumps, blowers, drive units, cyclone clusters;
- Construction commencing on thickeners and feed tanks;
- Arrival of permanent support buildings and site
facilities;
- Power connection works underway;
- Bulk earthworks completion to occur in the next few days;
- Underground mining contractors early mobilisation
activities;
- Operational personnel appointments across geology, mining
engineering, mine surveying, process maintenance and process
operational areas (strong interest received from the general
resources sector for site roles); and
- Heron personnel relocated into the permanent operational
offices.
A further and more detailed progress update will
be provided in the next few weeks.
Figure 1: Site activities mid-May
http://www.heronresources.com/tsximages/20180531/20180531_fig1.jpg
Figure 2: Concentrate handling area -
reinforcing and concrete pour of the concentrate bay walls.
http://www.heronresources.com/tsximages/20180531/20180531_fig2.jpg
Figure 3: IsaMill feed tank strakes (left) and
thickener tank support structure (right)
http://www.heronresources.com/tsximages/20180531/20180531_fig3.jpg
About Heron Resources
Limited:
Heron’s primary focus is the development of its
100% owned, high grade Woodlawn Zinc-Copper Project located 250km
southwest of Sydney, New South Wales, Australia. In addition,
the Company holds a significant high quality, gold and base metal
tenement holding regional to the Woodlawn Project.
For further information visit www.heronresources.com.au or contact:
Australia:
Mr. Wayne Taylor
Managing Director and Chief Executive Officer
Tel: +61 2 9119 8111 or +61 8 6500 9200
Email: heron@heronresources.com.au
Jon Snowball
FTI Consulting
+61 2 8298 6100
jon.snowball@fticonsulting.com