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:
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Ian R. Holzberger +63 (0) 9189 795 992 |
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(Chairman) +61 (0) 418 886 165 |
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Liam A. Ruddy +61 (0) 498 648 615 |
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(Company Secretary) +44 (0) 7911 719 960 |
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Nominated Adviser: STOCKDALE SECURITIES Ltd |
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Robert Finlay, Edward Thomas +44 (0) 207 601 6100 |
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Public Relations: TAVISTOCK |
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Barnaby Hayward, Jos Simson +44 (0) 207 920 3150 |
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Broker: SP ANGEL CORPORATE FINANCE LLP |
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Ewan Leggat +44 (0) 203 470 0470 |
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