Ann: Duckhead Mining Commenced and Debt Restructu, page-4

re: Ann: Duckhead Mining Commenced and Debt R... Well done BDR:

"Beadell Resources Limited (“Beadell” or “the Company”) is pleased to announce that following receipt of third party consents, mining has commenced at the ultra high grade Duckhead gold deposit at the Company’s Tucano gold mine in Brazil (See photo 1).
Additionally, to reflect the two-month delay in the start up at Duckhead, the debt repayment schedule for the Company’s project finance facility has been restructured to reduce the September 2013 quarter repayment from US$31 million down to US$7 million. The December 2013 quarter repayment remains unchanged at US$32 million. The remaining US$62 million is scheduled for repayment in 2014. The forward hedging schedule has also been adjusted whereby approximately 60% of the forecast gold production in CY 2014, of over 200,000 ounces, will be sold into the Company’s US$1,600 per ounce gold hedge book.
Beadell’s Managing Director, Peter Bowler, said “We are very excited to be now mining one of the most profitable gold pits in the world. Beadell is now in an enviable financial position with forecast gold cash costs firmly in the lowest quartile globally selling into an excellent hedge book with resultant strong cash flows. Once our debt is substantially paid down next year, the board will look towards rewarding shareholders with a sustainable dividend policy next year”.