ENP Newswire -
Release date- 05062014 -
The Project Loan Facilities are subject to certain terms and conditions, including completion of the Feasibility Study, due diligence and final credit approval.
Awarding the financing mandate enables the Company to further de-risk the overall development timetable by advancing the financing in parallel with the 2Mtpa Heap Leach Feasibility Studies that are scheduled for completion in mid 2014.
Commenting on the financing mandate
'Macquarie has an excellent reputation as a leading international investment bank and combined with its financing capabilities and proven depth of experience in financing mining projects in
As previously announced, Gryphon commenced discussions with potential financiers for Banfora in
Key points of the debt financing mandate:
Subject to standard terms and conditions including completion of the Feasibility Study, due diligence and final credit approval.
The Hedging Facility will further de-risk the operating cash flows of the mine by delivering certainty in the gold price achieved for the amount of gold hedged by the company. The Board believe this is an appropriate risk management strategy for the Company in the current gold environment. The hedged amount is anticipated to be approximately 20-25% of gold production, subject to the achieved forward price.
The Senior Debt Facility amount may vary depending on the gold price achieved at time of the hedge implementation.
The term of the Senior Debt Facility is anticipated to be 4.25 years from first gold pour.
The Cost Over Run Facility will be in addition to the Senior Loan Facility.
Next Steps: Permitting, Feasibility Study & Exploration
Key aspects of the permit granted by the Burkina Faso Government include:
encompasses all four main deposits making up the
valid for Heap Leach processing approach to gold extraction and
valid for an initial 20 year period, which can be extended under the Mining Code for successive terms of 5 years each until complete exhaustion of all deposits.
The Company is on-track for completion in mid-2014 of the Feasibility Study for a 2Mtpa Heap Leach operation at the
An exploration RC/DD drilling and augering programme is currently underway at the
The Company completed optimisation studies in
The Company has identified a preferred low cost start up two million tonne per annum heap leach operation that can generate strong returns in a lower gold price environment and is highly leveraged to any gold price increases.
A full Feasibility Study on the heap leach operation has commenced with the results expected in mid-2014. Detailed information on all aspects of Gryphons' projects can be found on the Company's comprehensive website www.gryphonminerals.com.au
Tel: +61 8 9287 4333
Fax: +61 8 9287 4334
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