KBL Mining Limited (“KBL” “the Company”, ASX:KBL and KBLGA) has drawn down $10 million under the debt facility with Capri Trading Pty Limited (“Capri”) announced on 7 March 2013. The Company has allotted 44 million options each exercisable at 11 cents on or before 14 March 2020.
In summary, the loan funds will enable:
- Acceleration of the development of high grade copper-gold ore from the Red Terror Ore bodies which continues to demonstrate superior characteristics to ore mined last year from Parkers Hill;
- Commencement of construction of the gold circuit at Mineral Hill which will increase gold recoveries from currently mined copper-gold ore, delivering more revenue from the current cost base; and
- Commencement of development of the Pearse gold-silver project at Mineral Hill, which will deliver a substantial increase in gold and silver production for KBL Mining in the 2014 Financial Year.
KBL has also repaid the remaining principal and interest under the $3 million bridge loan facility established in December 2012.
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