30th Jun 2016 11:58
LONDON (Alliance News) - Metals Exploration PLC said Thursday said it is continuing talks with the lenders to its Runruno gold project north of the Philippines in a bid to restructure the debt facility, whilst noting repair works have continued on the feed end trunnion and bearing of its mill.
Metals Exploration said it has made interest payments for its debt facility, which were due on Thursday, but had not made the capital repayment, and is in talks with its lenders regarding a restructuring of the facility.
Following a full assessment of its mill at the Runruno project, it was determined that repairs were required on the feed end trunnion and bearing of the mill, which have proceeded "satisfactorily". Subject to the on time arrival of replacement parts by the mill manufacturer, it is expected the mill may be returned to operations later in the coming week, Metals Exploration said.
Once the mill is operational, test running and debugging operations as part of the commissioning and ramp-up program will resume, the company added.
Shares in Metals Exploration were up 3.5% at 7.50 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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