TORONTO, July 15 /CNW/ - 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
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.
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 information:
For further information: Julian Gwillim (VP: Investor Relations and
Corporate Development) on +27 82 4524 389 (SA), or firstname.lastname@example.org