Bellzone Mining PLC Corporate Update (4724H)
June 08 2017 - 1:00AM
UK Regulatory
TIDMBZM
RNS Number : 4724H
Bellzone Mining PLC
08 June 2017
Bellzone Mining plc
("Bellzone" or "the Company")
Corporate Update
Mining Convention
Further to the Company's announcement on 29 March 2017 about
negotiations to update and amend the 2010 Mining Convention for the
Kalia Mine, Bellzone is pleased to announce that negotiations,
including approval for the Ferronickel project, have concluded
satisfactorily. The resulting provisionally agreed addendum to the
2010 Mining Convention is going through the official approval
process with the expectation that it will be signed by Guinean
Ministers and ratified by the Guinean National Assembly in the
coming weeks. A further announcement will be made in due
course.
Funding Update
The US$6.5 million loan agreed by Hudson Global Group on 24
December 2015 for the purpose of funding Bellzone's working capital
requirements (other than feasibility study work) for the financial
year ended 31 December 2016 was fully drawn as announced on 29
March 2017.
On 28 December 2016, Bellzone announced a further loan of US$4.0
million had been agreed with Hudson Global Group for the purpose of
funding Bellzone's working capital requirements for the financial
year ended 31 December 2017. Bellzone completed the first drawdown
of US$0.8 million under this loan on 6 June 2017. The remaining
funds available under this loan are now expected to provide working
capital through to the end of June 2018.
Bellzone retains separate funds sufficient for the completion of
the feasibility study work on the Ferronickel project at Kalia.
Mr. Michael Farrow, Chairman of Bellzone, said:
"On behalf of the Board, I would like to thank the executive
team of Bellzone for their hard work in reaching a provisional
agreement with Guinean Ministers. We very much look forward to the
approval and ratification of the agreement which will enable
Bellzone to re-commence work on the Kalia Ferronickel project as
quickly as possible."
Enquiries:
Bellzone Mining plc
Simon Edwards +44 (0) 7767 492 712
WH Ireland Limited
Nominated Adviser and
Broker
James Joyce / James Bavister +44 (0) 20 7220 1666
Bell Pottinger
Financial Public and Investor
Relations
Victoria Geoghegan / Liz
Morley +44 (0) 20 3772 2500
http://www.bellzone.com/
This information is provided by RNS
The company news service from the London Stock Exchange
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