Bellzone Mining Regulatory News (BZM)

28 November 2014

Bellzone Mining plc

("Bellzone" or "the Company")

 Financing Update

Bellzone Mining plc (AIM: BZM) announces that its shareholder, China Sonangol International (S) Pte Ltd ("China Sonangol") has advised the Company in writing of its intention to provide financial support through a secured debt or convertible loan facility of US$30 million (the "Facility") to assist the Company in meeting its liabilities as and when they fall due, to the extent that funding is not otherwise available to Bellzone to meet such liabilities.

China Sonangol has also indicated that it will advance US$2 million to the Company next week under the existing loan agreement, as announced on 18 August 2014 (the "Advance"). The Advance will provide short term working capital while the Facility is put in place. China Sonangol has also agreed to a standstill on the loan, announced on 18 August 2014, under which US$1.5 million is currently drawn and was due for repayment with interest by 14 December 2014 (the "Loan"). The Loan is now repayable immediately on any refinancing or signing of the Facility.

Terms of the Facility and definitive agreement are subject to negotiation with China Sonangol and there can be no certainty that the final terms will be agreed. The Company will provide an update of discussions on the Facility as soon as practicable and until there is greater clarity regarding its longer term financial position, the Company's ordinary shares will remain suspended from trading on AIM.

Commenting, Mr. Michael Farrow, Chairman of Bellzone, said:

"It is timely that the new Board reviews the Company's timelines and strategy at this juncture. We are confident that iron ore prices, which are currently low, will recover in the future and the spectre of the current Ebola epidemic, which casts a shadow over the region in which we operate, will pass.

We are pleased to have the support of our major shareholder in China Sonangol and our immediate priority is to secure the longer term financial position of the Company and ensure that the right strategy is put in place, firstly to preserve, and then to realise the full potential of Bellzone's world-class asset at Kalia and other investments in the sector.

The Company's newly constituted Board of Directors is in discussion with China Sonangol on a longer term financing strategy to support the Company as it evaluates the opportunities that it has available. The Board will seek to provide the market with clarity on Bellzone's strategy and longer term financing as soon as practicable and hopes to be able to recommence trading in the Company's ordinary shares on AIM before the end of 2014."

Under the AIM Rules, as a result of its 51 per cent. shareholding in the Company, China Sonangol is a related party of Bellzone. Therefore the Facility, once its terms are known, will require the independent directors, having consulted with the Company's Nominated Adviser, to determine that the terms of the Facility are fair and reasonable insofar as the shareholders of Bellzone are concerned.

Enquiries:

Bellzone Mining plc

Simon Edwards +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 Thöle +44 (0) 20 3772 2500

http://www.bellzone.com/