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
TORONTO, Oct. 18 /CNW/ - 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
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
- Finalizing the feasibility study on the Konkola North Copper Project
in Zambia (and possibly ordering various long-lead items for the new
- 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.
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
For further information:
For further information: Julian Gwillim, VP: Investor Relations and
Corporate Development, on +27 82 4524 389 (SA), or email@example.com or
Rick Menell, President and CEO, on +27 82 450 2301, or firstname.lastname@example.org