Minco Silver Secured Debt Financing for the Fuwan Silver Project
08 September 2010 - 3:30PM
Marketwired
Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:
MSV) is pleased to announce that, through its operating subsidiary
Foshan Minco Fuwan Mining Co., Ltd. ("Foshan Minco"), it has
received conditional commitment of a project debt facility in the
amount of RMB 300 million (approximately US$44.17 million) from the
Guangdong Branch of the Industrial and Commercial Bank of China
("ICBC" or the "Bank") for the Company's Fuwan Silver Project.
The debt facility represents approximately 60% of the total
projected capital expenditure of US$73.1 million for the Fuwan
Silver Mine construction, as outlined by the Bankable Feasibility
Study announced on September 28, 2009.
"We are very pleased to receive the financial backing towards
the development and construction of our flagship Fuwan Silver
Project, especially from ICBC which is the largest commercial bank
controlled by the Chinese central government," commented Dr. Ken
Cai, Chairman and CEO of Minco Silver. "The loan commitment from
ICBC demonstrates the support from the government on this project.
Together with the approximately C$20 million of working capital on
hand, Minco Silver is in a position to finance vast majority of the
capital requirement for the construction of the mine. This is
another major milestone the Company achieved towards bringing the
Fuwan Silver Project into production."
The final loan agreement and terms are subject to final approval
by the Bank upon all pertinent loan conditions being met, mainly
the receipt of the mining license. Foshan Minco paid fees totaling
RMB 100,000 (approximately US$14,700) to the Bank in relation to
the loan application.
About Minco Silver
Minco Silver Corporation (TSX: MSV) is a TSX listed company
focusing on the acquisition and development of silver dominant
projects. The Company owns 90% interest in the world class Fuwan
Silver Deposit, situated along the northeast margin of the highly
prospective Fuwan Silver Belt. For more information on Minco
Silver, please visit the website at www.mincosilver.ca.
ON BEHALF OF THE BOARD
Dr. Ken Z. Cai, Chairman & CEO
Certain terms or statements made that are not historical facts,
such as anticipated advancement of mineral properties or programs,
productions, sales of assets, exploration plans or results, costs,
prices, performance are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
and involve a number of risks and uncertainties that could cause
actual results to differ materially from those projected,
anticipated, expected or implied. These risks and uncertainties
include, but are not limited to; metals price volatility,
volatility of metals production, project development risks and
ability to raise financing. The Company undertakes no obligation
and has no intention of updating forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for
the accuracy of this news release.
Contacts: Minco Silver Corporation Ute Koessler 1-888-288-8288
or (604) 688-8002 ir@mincosilver.ca www.mincosilver.ca
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