| Thu 18 Oct 2007, 17:15 | | TEL - Teal Finalizes Funding Of An Additional US$3 |
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TEL
TEL
TEL - Teal Finalizes Funding Of An Additional US$30 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, October 18, 2007
TEAL FINALIZES FUNDING OF AN ADDITIONAL US$30 MILLION
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL" or the
"Company") has announced that Standard Chartered Bank has made available an
increased bridging facility to the Company that totals US$50 million.
This replaces the US$20 million facility from Standard Chartered Bank that was
secured in June 2007. The facility is guaranteed by African Rainbow Minerals
Limited ("ARM"), TEAL`s major shareholder.
This facility is unsecured, matures on August 31, 2008, and each advance will be
a minimum amount of US$5 million.
The proceeds of the facility will be used for general corporate funding
requirements, as well as working and other capital needs, inter alia:
TEAL`s Kalumines` Lupoto Copper Project in the Democratic Republic of Congo
("DRC") where planned mining production levels for the phase 1 mine have been
achieved and where pilot testing is in the initial stages for a possible phase 2
operation that is aimed at increasing production levels and efficiencies;
Continuing exploration drilling to verify and expand the current historical
resource base at the Lupoto Copper Project;
TEAL`s copper furnace in the DRC that is in the process of commissioning;
Finalizing the feasibility study on the Konkola North Copper Project in Zambia
(and possibly ordering various long-lead items for the new project); and
Continuing the exploration drilling campaign that is underway on Area "A"
Extension on the Konkola North property.
Funding to continue the exploration drilling program and complete a pre-
feasibility study on the Otjikoto Gold Project ("Otjikoto") in Namibia will be
drawn from the US$5.5 million being received from EVI Mining Company Limited
that recently acquired a 10% interest in Otjikoto.
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 specific projects: the Konkola North Copper Project 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
+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: 18/10/2007 17:15:53 Produced by the JSE SENS Department.
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