Bridging finance extension

31 May 2007 14:56

Summit Resources plc31 May 2007 31 May 2007 SUMMIT RESOURCES PLC (AIM: SUMR) Bridging finance facilities to Coal Contractors (1991) Inc. The Board of Summit Resources plc ("Summit") announces that Summit has entered into an agreement to extend its first and second bridging finance facilities to Coal Contractors (1991) Inc. ("Coal Contractors") until 30 June 2007 at the earliest. The loans may become thereafter repayable upon 20 days' notice. Both the first facility, as announced on 12th September 2006, ("First Facility") and the second facility, as announced on 10th October 2006 ("Second Facility") have been made to finance civil engineering works being carried out to install an anthracite washing plant at Coal Contractors' Stockton Colliery in Pennsylvania, USA. Summit has existing security for the Second Facility with the assets of Coal Contractors. In addition, the obligations and liabilities of Coal Contractors to Summit under the Second Facility are guaranteed by Stockton Mine Associates I L.P., Stockton Mine Associates II L.P., and Stockton Anthracite L.P. (the "Guarantors"). The Guarantors own certain contiguous tracts of land in Pennsylvania in the USA Contacts: Summit Resources plc: Toby Howell - 020 7182 1741 Ruegg & Co Limited: Gavin Burnell - 020 7584 3663 Hichens, Harrison & Co plc: Daniel Briggs - 020 7382 4450 This information is provided by RNS The company news service from the London Stock Exchange