First Gold Sale, Debt Rescheduling, Ramp Up

RNS Number : 3996Q

Metals Exploration PLC

29 November 2016

 

29 November 2016

METALS EXPLORATION PLC

Metals Exploration plc (AIM: MTL) ("Metals Exploration" or the "Company"), the natural resources exploration and development company with assets in the Pacific Rim region.

First Gold Sale, Debt Rescheduling, Ramp Up

Metals Exploration is pleased to announce that it has successfully achieved its first gold sale, after gold doré produced during commissioning activities was uplifted from its Project site for refining. This marks a major milestone in the Project's development.

Mining and processing operations are ramping up soundly. Each of the individual processes within the plant have been successfully commissioned and are being ramped up progressively to design throughputs. 

Work on the documentation to finalise a rescheduling of the debt facility is nearing completion and it is planned that the rescheduled facility agreement will be signed before the end of 2016. A further waiver has been obtained from the lenders to delay the principal sum of US $15.0 million, previously due on 30 June 2016 to be repaid on the earlier of 31 December 2016 or on successful rescheduling.

The information communicated in this announcement contains inside information for the purposes of the Market Abuse Regulation.

For further information please visit: www.metalsexploration.com or contact:

	Ian R. Holzberger                                                                                   [phone]
	(Chairman)                                                                                              [phone]
	Liam A. Ruddy                                                                                         [phone]
	(Company Secretary)                                                                            [phone]
	Nominated Adviser:     STOCKDALE SECURITIES Ltd
	Robert Finlay, Edward Thomas                                                          [phone]
	Public Relations:          TAVISTOCK
	Barnaby Hayward, Jos Simson                                                           [phone]
	Broker:                           SP ANGEL CORPORATE FINANCE LLP
	Ewan Leggat                                                                                          [phone]

 

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