Ann: MINE: NTL: Talisman Mine Financing Offer Acc

• Release Date: 28/04/14 12:43
• Summary: MINE: NTL: Talisman Mine Financing Offer Accepted
• Price Sensitive: No
• Download Document  3.83KB

					NTL
28/04/2014 10:43
MINE

REL: 1043 HRS New Talisman Gold Mines Limited

MINE: NTL: Talisman Mine Financing Offer Accepted

28th April 2014
FOR IMMEDIATE RELEASE
ANNOUNCEMENT BY NEW TALISMAN GOLD MINES LIMITED (NTL, NTLOA or NTLO)
TALISMAN MINE FINANCING OFFER ACCEPTED
New Talisman Gold Mines Limited announced today that it has accepted an offer
of a structured financing facility for the Talisman Mine project. The terms
of the acceptance letter signed by NTL provide for A$1.6M of an A$2M
converting note facility to be advanced  subject to satisfaction of certain
conditions, including entering into satisfactory security and other facility
documentation. The converting note provides for NTL at its sole discretion to
either:
1) Upon repayment of 30% of the loan Convert 70% of the loan to equity at the
end of the 12 month period, or
2) Repay the loan in full, or
3) Upon repayment of 30% of the loan, roll the loan over the remaining 70%
for a further 12 month term.
The funds drawn down from this facility will be applied to the Talisman mine
bulk sampling project and working capital requirements. NTL anticipates the
$1.6M will be sufficient capital to allow NTL to initiate the bulk sampling
program outlined to shareholders at the 2013 AGM. The bulk sampling project
provides for the first cash flows from New Talisman's mining operations and
will allow NTL to be cashflow positive within 12 months from the start of
bulk sampling operations which are expected to begin in the second half of
2014.
Under the terms of the accepted offer NTL expects to be in a position to
execute documentation and have access to the funds within 30 days. NTL will
announce the detailed terms of the facility once documentation has been
executed.
Executive Director Matthew Hill said, "In a very difficult climate for junior
miners' particularly gold-related juniors, NTL is particularly pleased to
have been able to attract an offer to finance the development of the Talisman
mine through to first production.  It is an indication of the very attractive
investment proposition the Talisman mine represents.  We remain on track   to
reopen the Talisman Mine; historically a highly productive, high grade gold
mine in one of the most productive gold mining areas in NZ and our transition
from developer to producer status is nearly complete. We are mindful that our
shareholders have indicated a strong interest to participate in the funding
of Talisman and the board is currently reviewing options to allow such
participation."
Matthew Hill
CEO
New Talisman Gold Mines Limited
Direct +64 27 5557737
[email protected]

Media Enquiries contact Jillian Talbot at Reach Consulting on +64 21 493820
or at [email protected]

For more information on New Talisman Gold Mines go to www.newtalisman.co.nz
_____________________________________________________________________________
_____________
About New Talisman Gold Mines Ltd
New Talisman Gold is a dual listed (NZSX & ASX: NTL) with 1800 shareholders
who are mainly from Australia and New Zealand. It is a leading New Zealand
minerals development and exploration company with a portfolio of high quality
mineral interests. Its gold properties near Paeroa in the Hauraki District of
New Zealand are a granted mining permit, including a JORC compliant mineral
resource within the original Talisman underground mine, and an adjacent
exploration permit along strike from the mine. The company is now advancing
its plans to develop the mine, and advance the exploration project.
Through a subsidiary company, New Talisman Gold owns 21.7% of Broken Hill
Prospecting Limited, which is planning to develop a cobalt project at
Thackaringa, about 25 kilometres south-west of Broken Hill in Australia. BPL
is listed on both the ASX and NZSX (Code: BPL).
More about New Talisman Gold at www.newtalisman.co.nz
End CA:00249806 For:NTL    Type:MINE       Time:2014-04-28 10:43:27