VANCOUVER, Jan. 16 /CNW/ - Zoloto Resources Ltd. ("Zoloto" or the
"Company") (TSX Venture: ZR) announces that it is restructuring its
outstanding debt held by its subsidiary M.L. Ltd ("ML"), Zoloto's Irkutsk
ML is in the process of paying down its current debt with contractors,
labour and suppliers with funds advanced to it pursuant to loan agreements
with GV Gold Ltd ("GV Gold") for an aggregate amount of RUB 47 million
(currently, approximately C$1.8 million). GV Gold is a private Russian gold
producer active in the Irkutsk and Yakutsk regions. The loans mature 90 days
following each respective advance andbear interest at a rate of MosPrime+6%.
The loans are guaranteed by Zoloto and are secured against Zoloto's Baikal
Gold and Chukot Gold subsidiaries that own Zoloto's principal Russian Gold
The loans include the RUB 20 million (currently, approximately C$800,000)
advanced to ML to pay outstanding labour and other short-term liabilities, as
described in the Company's Management's Discussion & Analysis for the nine
months ended September 30, 2008 (which is available under the Company's
profile on SEDAR at www.sedar.com).
About Zoloto Resources
Zoloto is a gold exploration company whose primary focus is to become a
mid-tier gold producer through the advancement of its gold exploration
properties in the Russian Federation. In addition, Zoloto's management will
continue to evaluate acquisition opportunities within the Russian Federation.
Zoloto's philosophy is to unlock shareholder value in a socially and
environmentally responsible manner.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Alan Tenenbaum, Yana Bobrovskaya, Investor
Relations, Zoloto Resource Ltd., Phone: (604) 608-0223, Fax: (604) 608-0344