Last checked at 21 Nov 2014 07:02
Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining
21 November 2014
Savannah Resources Plc
Termination of Bergen Facility
Savannah Resources plc (AIM: SAV) announces that the private placing agreement (the "Facility"), announced on 10 April 2014, between the Company and Bergen Global Opportunity Fund, LP ("Bergen") has been terminated by mutual consent.
The Company confirms that no funds have been drawn down since the drawdown announced on 29 October 2014 and there is no requirement to issue any further securities under the Facility.
The Facility has been a useful bridge that provided the Company with requisite working capital. Bergen has been a good corporate citizen in its dealings with Savannah, and the Company appreciates Bergen's support and flexibility in its dealings.
**ENDS**
For further information please visit www.savannahresources.com or contact:
David Archer | Savannah Resources plc | Tel: +44 20 7389 5019 |
James Biddle (Nominated Adviser) Charlie Cryer (Corporate Broker) | RFC Ambrian Limited | Tel: +44 20 3440 6800 |
Felicity Winkles / Charlotte Heap | St Brides Media & Finance Ltd | Tel: +44 20 7236 1177 |
Notes
Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company. It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12Bn tonnes at 3-4.5% THM1 (published in 2008).
Savannah has interests in three copper projects in the highly prospective Semail Ophiolite Belt in Oman. The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits.
In addition, Savannah owns a 19.7% strategic shareholding in Alecto Minerals Plc which provides Savannah with exposure to both the highly prospective Kossanto Gold Project in the prolific Kenieba inlier in Mali and also to the Wayu Boda and Aysid Meketel gold / base metal projects in Ethiopia for which Alecto has a joint venture with Centamin Plc. Under this joint venture, Centamin Plc is committing up to US$14m in exploration funding to earn up to 70% of each project.