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TEL
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TEL - Teal Finalizes Funding Of Us$20 Million
TEAL Exploration & Mining Inc.
Corporate Access Number: 31403
ISIN: CA8781511099
(Incorporated in Yukon, Canada on 1 June 2005)
SA Company Registration Number: 2006/003229/10
JSE share code: TEL
JSE short name: TEAL
Thursday, June 14, 2007
TEAL FINALIZES FUNDING OF US$20 MILLION
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL" or
the "Company") has announced that Standard Chartered Bank has made
available a one-year `bridging` facility of US$20 million to the Company.
This facility is being guaranteed by African Rainbow Minerals Limited
("ARM"), TEAL`s major shareholder.
The facility is unsecured, matures on June 4, 2008, and each advance will
be a minimum amount of US$5 million. The rate of interest is LIBOR plus
0.50% (50 basis points).
The proceeds of the facility will be used to:
- Advance mining operations to a full production level of 5,000 tonnes
of copper a year on the Lupoto deposit at TEAL`s Kalumines Copper-
Cobalt Project in the Democratic Republic of Congo ("DRC");
- Fully commission TEAL`s 5,000 tonnes per annum copper furnace in the
DRC, expected during July 2007;
- Finalize the feasibility study on the Konkola North Copper Project in
Zambia;
- Continue the exploration drilling campaign that is underway on Area
"A" and Area "A" Extension on the Konkola North property;
- Provide the necessary funding to maintain the 12,000 to 15,000 tonnes
per annum Mwambashi Copper Project in Zambia prior to a formal
release, which is dependent on an acceptable off-take agreement; and
- Continue the exploration drilling program on the Otjikoto Gold Project
in Namibia where TEAL is aiming for an increased gold resource.
Capital expenditure requirements, and funding options, for possible new
mining operations at Konkola North and Mwambashi are expected to be
disclosed during the second half of this calendar year.
ends
NOTE:
TEAL is incorporated under the laws of the Yukon, Canada and its common
shares are listed on the Toronto Stock Exchange ("TSX") and the JSE Limited
("JSE"). The common shares of the Company trade under the symbol "TL" on
the TSX and "TEL" on the JSE.
TEAL is a mineral development and exploration company with development
projects and exploration areas in Namibia, Zambia and the Democratic
Republic of Congo ("DRC"). TEAL has a portfolio of base and precious metal
development projects and complementary exploration areas, and the Company
continues to seek other opportunities, mainly in southern and central
Africa.
TEAL has targeted four specific projects: the Konkola North and Mwambashi
copper projects in Zambia; the Otjikoto Gold Project in Namibia; and the
Kalumines Copper-Cobalt Project in the DRC. TEAL also has interests in
various other mineral licence areas in Zambia and in Namibia on which the
Company continues drilling and other exploration activities.
Further TEAL`s information is available at www.sedar.com as well as at
www.tealmining.com
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on
+1 416 828 1422 (Canada); or +27 82 4524 389 (SA); or
julian@tealmining.com,
or
Rick Menell (President and CEO) on +27 82 450 2301; or rick@tealmining.com.
Date: 14/06/2007 17:32:46 Produced by the JSE SENS Department.
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