11 Aug 2014 07:00
11 August 2014
Bellzone Mining plc
("Bellzone" or "the Company")
Financing Update
The Company announced on 4 June 2014 and again on 30 June 2014 that it had sufficient funds to continue operations until early August 2014, following the £1.1 million (net) placing with China Sonangol International (S) Pte Ltd ("China Sonangol"). The Company also announced that it was in ongoing discussions with providers of both short and long term finance.
The Company wishes to update shareholders that it has not, to date, been able to secure long term financing. However, the Company is in advanced discussions with China Sonangol in relation to the provision of a short term loan. Although not yet finalised, the US$4 million loan would be secured against the Kalia Project, and would be expected to allow operations to continue until late October 2014. This short term funding is required in the immediate future for the Company to continue its operations.
The Company will provide a further update in due course.
Enquiries:
Bellzone Mining plc
Peta Baldwin, Corporate Affairs +44 (0) 1534 513 500
Investec Securities
Nominated Advisor and Broker
Chris Sim / George Price / Jeremy Ellis +44 (0) 20 7597 5970
Bell Pottinger
Financial Public and Investor Relations
Daniel Thole +44 (0) 20 7861 3232
About Bellzone Mining plc
AIM-listed Bellzone Mining plc ("Bellzone") is an iron ore producer and mineral developer focused on the Republic of Guinea, West Africa.
Kalia is Bellzone's flagship project, a 100% owned, high-value asset with JORC-compliant resources of 5.63 billion tonnes. According to the independent Bankable Feasibility Study, Phase 1 of the project has a projected 7 million dry tonnes of production at a saleable grade of 58% iron content per annum. Kalia has been granted all necessary mining permits for its concession, and the transport corridor on which the project is located has been declared a project of national interest by the Guinean government.
Forécariah is a 50:50 joint venture between Bellzone and China International Fund. Bellzone has a strong relationship with the Guinean government, having produced the first iron ore from the country in decades from Forécariah in 2012.
Bellzone's wider portfolio includes the rights to explore for nickel, copper, cobalt, manganese, platinum and chromium in a prospecting area of over 2,000km2, including the Sadeka nickel and copper project.
Bellzone is committed to operating responsibly, by minimising its environmental impact and supporting local communities. For more information, visit http://www.bellzone.com/