| Tue 15 Jul 2008, 16:22 | | TEL - TEAL Exploration & Mining Inc - Teal finalises funding of additional US$35 |
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TEL
TEL
TEL - TEAL Exploration & Mining Inc - Teal finalises funding of additional US$35
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
Tuesday, July 15, 2008
TEAL FINALISES FUNDING OF ADDITIONAL US$35 MILLION
TEAL Exploration & Mining Incorporated (TSX-"TL") (JSE-"TEL") ("TEAL" or the
"Group") has announced that a consortium of two lenders, Standard Chartered Bank
and Standard Finance (Isle of Man) Limited, part of the Standard Bank Group, has
made available a loan facility to the Group that totals US$85 million.
This unsecured US$85 million facility replaces the previous US$50 million loan.
The facility is available from July 18, 2008 to August 31, 2009. The loan is
guaranteed by African Rainbow Minerals Limited, TEAL`s major shareholder.
The facility will be used to settle the existing US$50 million loan, and to
continue funding exploration work, general corporate expenditure and working
capital requirements, inter alia:
* TEAL`s Lupoto Copper Project in the Democratic Republic of Congo ("DRC"),
where small scale mining is underway;
* Continuing exploration drilling to expand the current resource base at the
Lupoto Copper Project, which will ultimately be used in the feasibility
study aimed at assessing a mining operation capable of producing around
40,000 tonnes a year of copper;
* Finalizing the feasibility study on the Konkola North Copper Project in
Zambia, where TEAL intends using an existing shaft and other infrastructure
to produce 25,000 tonnes a year of copper;
* Continuing the large exploration drilling campaign that is underway within
Area "A" on the Konkola North property; and
* Progressing various other exploration and evaluation projects on TEAL`s
properties in the DRC, Namibia, Zambia and Mozambique.
ends
NOTES:
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, Mozambique, and the 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.
ADDITIONAL TEAL INFORMATION CAN BE FOUND 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
15 July 2008
Sponsor: Investec Bank Limited
Date: 15/07/2008 16:22:45 Produced by the JSE SENS Department.
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