· SEPCO has been selected as preferred contractor to enter into two lump sum turnkey EPC contracts for both the 4.2 million tonnes per annum Coal Mine and the 600MW Power Plant; the combined EPC price or transaction value is circa US$1.3 Billion. This figure is subject to modification during the finalisation of the detailed contracts.
· SEPCO hasdelivered an outline of the financing proposal for project finance loans under which Sinosure would consider securitising up to 85% of the cost of the two EPC contracts.
· SEPCO has agreed to consider taking an equity stake of 10% in EPL, which is to be formed in Pakistan by Oracle, after due diligence has been completed.
· A comprehensive EPC Term Sheet for the coal mine and power plant is expected to be agreed between Oracle and SEPCO by year-end 2014 in preparation for the final investment decision, as defined by Oracle, for groundwork to commence in mining and power plant development in 2015.
· Oracle has appointed leading international project consultants and managers with expertise in China, Turner & Townsend and Mott MacDonald, as technical advisers for the coal mine and power plant respectively to manage the process of entering into EPC term sheets and contracts with SEPCO. The EPC contracts will be developed to comply with Oracle's technical requirements, Power Purchase Agreement, Coal Sales Agreement and other agreements to be entered with Oracle's Pakistan subsidiaries, and Pakistan authorities.
· Oracle and SEPCO aim to finalise the necessary documents within six months of this agreement and have entered an exclusive agreement for this period with possible extension by mutual agreement.
Medgold Identifies High-Grade Mineralization at the Ponte da Barca Gold Project, Portugal
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 24, 2014)
Medgold Resources Corp. (TSX VENTURE:MED), the European-focused gold exploration company, is pleased to announce new high-grade gold results for its Ponte da Barca gold project in northern Portugal. Recent work has identified a mineralized structure outcropping over a strike length of 400 m with rock-chip sample results ranging from trace up to 35.3g/t, 25.0g/t and 20.7 g/t Au.
The high-grade results are from the main Coto de Cruz prospect, which is located in the east of the Ponte da Barca licence, and are from an east-west trending quartz vein and its alteration halo. A total of 163 samples have been collected at the project, comprising 113 soil samples and 50 rock samples. The rock samples range from detection to 35.3 g/t Au with 26 rock samples grading greater than 1 g/t Au (52%) and 6 grading greater than 10 g/t Au (12%).
Dan James, the President of Medgold, said, "The recent work at Ponte da Barca, which is a new and exciting project within the Medgold portfolio, has identified some high-grade rock results which broadly delineate a zone of intense alteration and mineralization continuous for over 400 m in strike. We're planning a significant follow-up work program of channel-chip and trench sampling to better define this zone of very high-grade mineralization. We see these results as proof that our geological modelling for the region is working, and that our increased geological understanding of the region is helping to identify new high-grade targets. The controls on mineralization at Ponte da Barca are very similar to those identified at the Lagares and Boticas projects, and we now hope to move the Coto de Crus prospect to drill-ready status by year-end."
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