22 Dec 2014 10:27
For immediate release: 22 December 2014
Premier Gold Resources plc
("Premier Gold" or the "Company")
Loan Drawdown Update
Premier Gold (AIM: PGR), the Central Asia-focused gold exploration and development company, provides an update on the Tridevi Capital Partners LP ("Tridevi") convertible loan agreement entered into in July 2013 (the "Agreement").
Pursuant to the terms of the Agreement, Tridevi has advanced funds to the Company for general working capital purposes. The total amount drawn down under the Agreement is now £580,000. Under the terms of the Agreement the remaining balance of £420,000 can only be drawn down for the purposes of exploration activities, unless Tridevi agrees otherwise.
As such, without the consent of Tridevi, the remaining funds will only be available to the Company when local issues are resolved and access to the licence area is restored such that exploration activity can resume. There can be no guarantee that Tridevi will continue to support the Company if access to the licence area is not restored.
The Company has not yet obtained a resolution of its local issues at Cholokkaindy, although discussions with the Kyrgyz Government are ongoing. The directors are exploring other potential opportunities for the Company.
Contacts:
Premier Gold Resources plc | |
Richard Nolan, CEO | 020 7078 9566 |
WH Ireland Limited (Nominated Adviser and Broker) | |
Katy Mitchell | 0113 394 6600 |
Vigo Communications | |
Ben Simons / Alex Aleksandrov | 020 7016 9574 |
About Premier Gold Resources plc
Premier Gold Resources plc (AIM:PGR) is a gold exploration and development company listed on the London Stock Exchange. Premier Gold is focused on gold opportunities in Central Asia, in particular the Kyrgyz Republic, where the Company's current project, Cholokkaindy, is located.
Cholokkaindy is a 32 square kilometre licence area located in the northern Tien Shan, 20 kilometres south of Kara Balta and 80 kilometres southwest of Bishkek. Geological results from Premier Gold's work programme to date support the view that Cholokkaindy is part of a large mineralising system, displaying several key indicators associated with other large gold deposits in the northern Tien Shan metallogenic belt.
For further information or to sign up to our email 'Alert Service' please visit:
www.premiergoldresources.com