universal gets rosebery funding...

Source: The Australian Financial Review newspaper [Page 18]
Date: Tuesday, 8 July 2008

Universal gets Rosebery Funding
Jo Clarke

In a difficult market for debt, junior miner Universal Resources has secured a $30 million bridging facility to allow it to proceed with its Rosebery copper project near Mount Isa.

Universal is working on a further $200 million finance package to fund the development of its 20,500 to 35,000 tonne a year Rosebery project by the end of this year.

The junior has had a torrid few months. It was forced to rethink the project last March after the falling copper price made it impossible to raise finance for its original larger-scale plans.

Managing director Michael Julmes resigned in September and veteran chairman Peter Ingram was forced out of semi-retirement to run the company again.

In a much more difficult financial environment, but with copper prices back near records, Universal is now gearing up to compete financing on the project by November and to be in production by early 2010.

Swiss miner Xstrata has the right to acquire 51 per cent of the Rosebery project by June 30, 2012.

Universal Resources' shares spiked through 25c in July 2006 after reports talked up the value of Cudeco's copper find in the Mount Isa region of Queensland, but were at 7.9c before the company called a trading halt yesterday ahead of the announcement of the debt facility, which is expected today.


Ends.

Cheers, Pie :)