Blackham is now in a position to confirm it has a credit approved term sheet to fully re-finance the A$36.7 million current secured debt position. The term sheet has the first repayment in June 2020 which means the Company's working capital position would be improved by the $14.8M currently repayable by 31 Dec 2017 under the existing financing facility. Technical due diligence has now been completed and the legal documentation is currently well advanced. The term sheet remains subject to legal due diligence which is also well advanced.
The Company expects operations to be cash flow positive in the December 2017 quarter due to access to higher grade ore to be mined from the open pits.
About Blackham Resources Ltd
Blackham Resources Limited (ASX:BLK) (OTCMKTS:BKHRF), is an emerging gold producer focused on its Matilda Gold Project in Western Australia where mining and production is imminent. The Matilda/Wiluna Gold Operation incorporates over 1,000 square kilometres of tenements containing total JORC 2012 resources of 63Mt @ 3.2 g/t for 6.4Moz of gold. These tenements cover around 55 kilometres of strike along the Wiluna Mine Sequence and 10 kilometres of strike along the Coles Find Sequence. The Wiluna Mine and Coles Find Sequence has historically produced 4 million ounces of gold.
All the deposits are within 26 kilometres by existing haul roads of Blackhams recently acquired Gold Plant. With exploration prospects at Mt Poole, Monarch, Carroll Prior, Red Lady, Zenith, Island and Albion in the Lakeway area provides the company with excellent exploration areas for potential future projects.
Blackham Resources Ltd