20th Jun 2008 15:00
Friday, 20 June 2008
Peter Hambro Mining Plc announces release of second and final tranche of funding for Rusoro Mining Ltd
Peter Hambro Mining Plc ("PHM"), the second largest Russian gold mining company, announces the release to Rusoro Mining Ltd. ("Rusoro") of the second and final tranche (US$52 million) of funding available to Rusoro under the terms of the US$80 million senior secured exchangeable loan announced on 10 June 2008. The participants in the PHM-led loan syndicate comprise PHM and funds investment managed by BlackRock Investment Management International Limited, GLG Partners LP, Lansdowne Partners Limited and Endeavour Mining Capital Corp.
Rusoro's acquisition of Hecla Mining Company's gold assets in Venezuela, announced overnight and details of which are contained in the attached press release (for which PHM accepts no responsibility) *, was the trigger for the further funding.
Commenting on the funding, Peter Hambro, Executive Chairman of Peter Hambro Mining said:
"The opportunity to acquire Hecla's Venezuelan assets and thereby to enhance Rusoro's production endorses the strategic value that we see in our investment."
\* To view to the press release referred to above, please follow the link below: http://www.rns-pdf.londonstockexchange.com/rns/2093X_1-2008-6-20.pdf
For further information:
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Alya Samokhvalova |
Peter Hambro Mining Plc |
T: +44 207 201 8900 |
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David Simonson |
Merlin Financial |
T: +44 207 653 6620 |
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Anastasia Ivanova |
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Ian Hannam |
JPMorgan Cazenove |
T: +44 207 588 2828 |
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Patrick Magee |
JPMorgan Cazenove |
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Joe Seifert |
JPMorgan Cazenove |
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