Kingsrose Mining Limited (
The current historically high silver price and the support of Credit Suisse (
The deal allows Kingsrose to fulfill an agreement made as part of the acquisition of Way Linggo in February 2009 to repay the pre-existing loans from the proceeds any equity/debt fund raising exceeding US$12m (actually triggered in May 2009 when A$20m was raised via a share placement).
The silver financing effectively allows the Company to apply surplus funds now being generated from production on an aggressive exploration programme (5 rigs are now operational with another due onsite by year-end) rather than committing those funds towards the repayment of outstanding debt.
The Way Linggo Gold/Silver Project is now on target to produce 45,000oz of gold per annum at a cash operating cost of A$147/oz (after silver credits), making it one of the lowest cost gold producers globally.
About Kingsrose Mining Limited
Kingsrose Mining Limited (ASX:KRM) is a specialist high grade, narrow vein underground gold miner. The company operates a gold mine in Indonesia and is evaluating a tailings deposit in Italy. The company listed on the Australian Stock Exchange in December 2007.
Contact
John MorrisTel: +61-8-9486-1149
Fax: +61-8-9486-1151
Email: info@kingsrosemining.com.au
Tim Spencer
Tel: +61-8-9486-1149
Fax: +61-8-9486-1151
Email: info@kingsrosemining.com.au
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