Credit Approval Received for Debt Facility Resc...

ASX, AIM and Media Release

6 October 2014

CREDIT APPROVAL RECEIVED FOR DEBT FACILITY RESCHEDULE

Base Resources Limited (ASX:BSE; AIM:BSE) ("Base" or the "Company") is pleased
to advise that it has received confirmations of credit approval from all
lenders for the rescheduling of the US$215 million Kwale Project Debt Facility
("Debt Facility"). The rescheduling has the primary effect of realigning the
Debt Facility repayment schedule to reflect the delay in commencement of sales
from the Kwale Project to February 2014 from the original expectation of
October 2013 when the facility was arranged in 2011.

Under the approved terms of the restructure, all principal repayments and
funding of the debt service reserve account will be deferred by six months with
some re-profiling to suit future cash flows. Once implemented, the first
principal repayment will be deferred from December 2014 to June 2015 and the
debt repayments during the 2015 financial year will be reduced from US$45.9
million to US$11.0 million.

The Debt Facility restructure has the following key terms:

  * All principal repayments deferred six months, with the first repayment now
    scheduled for 15 June 2015.
   
  * Deferral of the backstop date for Project Completion by six months to 30
    September 2015.
   
  * Re-profiling of debt repayments to decrease the initial repayments.
   
  * An increase in the portion of the surplus cash sweep distributed to lenders
    at each repayment date to 50% until the total cumulative cash sweep reaches
    US$30 million, at which time the lender's portion returns to 35%. Under the
    Common Terms Agreement the lender's portion of the cash sweep is applied to
    accelerate repayment of the Debt Facility.
   
  * Base committing to contribute up to US$15 million in additional liquidity
    by 30 June 2015 ("Liquidity Injection"), if required by any lender. The
    Liquidity Injection may be provided by way of subordinated debt on terms
    satisfactory to all lenders, an equity injection or some combination
    thereof.
   
  * A 0.6% per annum increase in the applicable margin until the Liquidity
    Injection has been satisfied, thereafter a 0.2% increase.
   
  * A rescheduling fee of US$1.612 million, being 0.75% of the US$215 million
    Debt Facility, of which US$1.07 million is due within 30 days of document
    execution and the balance within 30 days of contributing any required
    Liquidity Injection or 30 June 2015, whichever is the earlier.
   
The finalisation of the restructure is subject to the agreement and execution
of final documentation, which is expected to be concluded over the next two
months.

The implementation of the debt facility restructure puts Base in a sound
position to complete the ramp-up and optimisation of the Kwale Project.

ENDS

For further enquiries contact:

Base Resources Limited
Tim Carstens
Managing Director
Email: [e-mail]
Phone: [phone]

RFC Ambrian Limited (Nominated Adviser and Broker)
As Nominated Adviser                 As Broker
Andrew Thomson or Trinity McIntyre   Jonathan Williams
Phone: [phone]            Phone: [phone]

Africapractice (East Africa) (Kenyan Media Relations)
David Maingi/ James Njuguna/Joan Kimani
Phone: [phone]
Email: [e-mail]

Tavistock Communications (UK Media Relations)
Jos Simson / Emily Fenton / Nuala Gallagher
Phone: [phone]

Cannings Purple (Australian Media Relations)
Annette Ellis / Warrick Hazeldine
Email: [e-mail]
[e-mail]
Phone: [phone]

Corporate Details:

Board of Directors:
Andrew King          Non-Executive Chairman
Tim Carstens         Managing Director 
Colin Bwye           Executive Director
Sam Willis           Non-Executive Director
Michael Anderson     Non-Executive Director
Trevor Schultz       Non-Executive Director
Malcolm Macpherson   Non-Executive Director
Winton Willesee      Company Secretary

Principal & Registered Office:     Contacts:
Level 1                            Email: [e-mail]
50 Kings Park Road                 Phone: [phone]
West Perth                         Fax: [phone]
WA 6005