Communicators
are winners!
News
10.05.2011
Ridgeback Secures USD $6,000,000 Investment Facility for Development of African Diamond and Gold Mining Operations
Ridgeback Secures USD $6,000,000 Investment Facility for Development of African Diamond and Gold Mining Operations
May 10, 2011
Ridgeback Global Resources Plc. (“Ridgeback”), today announces the signing of a definitive funding agreement providing the Company access to a credit line of up to USD $6,000,000 (Six Million U.S. Dollars). The funding agreement will allow the Company to rapidly advance the development of its existing portfolio of alluvial Diamond and Gold mining claims in the Kono District of Sierra Leone, the Country’s prominent mining area.
Ridgeback’s funding partner provides debt and equity funding solutions to microcap companies listed on public exchanges in Europe. The credit line allows Ridgeback maximum allocations of USD $1,000,000 per draw down up to a total of USD $6,000,000 over the next 12 months. Management expects the first draw down to be completed within the next 30 days.
Ridgeback will now execute on its planned mining development strategy in Sierra Leone and has already identified suitable mining joint venture partners and experienced mining developers to help rapidly deploy a sustainable mining plan in each of the three current projects in the Kono District. Additionally, the Company will continue to search for new mining opportunities across Sierra Leone, South Africa and Canada, in line with its continued strategy of acquiring, developing and commercializing its portfolio of Diamond and Gold mining assets. Ridgeback is also working on building out its international network of diamond and gold buyers in the marketplace to help secure long term revenue contracts once production commences.
The Company’s near term focus is to conduct further resource analysis on existing claims with a view to bring its first of three concessions into full production by the end of 2011. Initial geological reports, provided by the Ministry of Mines in Sierra Leone, show the three concessions have an incidence of Diamonds between 0.5 to 0.85 Carats / Ton, with Gold stated at between 0.5 to 0.75 grams / ton.
Upon signing the definitive funding agreement Ridgeback’s C.E.O. Mr. Timothy Cocker commented “The injection of investment capital into the Company provides the necessary catalyst to allow Ridgeback to mobilize its operational plans in Sierra Leone. The company has already identified world class mining experts to add to the management team to build out a sustainable and efficient operational mining plan for current mining concessions. Additionally, the investment allows management to consider the expansion of Ridgeback’s activities into projects already identified in Sierra Leone and Southern Africa. However the near term focus is 100% on bringing the Kono concessions into full production by the end of 2011.”
About Ridgeback:
Ridgeback Global Resources Plc (“Ridgeback”), engages in the acquisition, exploration, and development of Gold and Diamond properties in Sierra Leone, South Africa and Canada.
Ridgeback has formed a strategic alliance with Ridgeback Mining Sierra Leone (RMSL), an established gold and diamond mining company in Sierra Leone, Western Africa. Ridgeback has agreed terms with RMSL for an initial term of 5 years, with 5 year extensions, to enter into 40% ownership Joint Venture agreements on all current and future gold and diamond mining concessions secured through the joint venture partnership.
The company also owns a 100% interest in the 3,524 hectare Ridgeback Diamond project in the Saskatchewan, a proven diamond rich area in Canada.
For more information about the company please visit www.ridgebackmining.com or www.ridgebackmining.de.
For any further information please contact our Investor Relations Team directly:
Investor relations phone: +44 (0)207 193 0540
Email: info@ridgebackmining.com
Germany office: +49 (0)7031 785 2789
Forward looking statements:
The Ridgeback Global Resources plc (“Ridgeback”) communications contains certain statements regarding future events (as understood in the U.S. Private Securities Litigation Reform Act of 1995) that express the beliefs and expectations of management. Such statements are based on current expectations, estimates and forecasts on the part of company management and imply various known and unknown risks and uncertainties, which may result in actual earnings, the financial situation, growth or performance to be materially different from the estimates expressed or implied in the forward-looking statements. Statements with respect to the future are characterized by the use of words such as "expect", "intend", "plan", "anticipate", "believe", "estimate", "may", "will", "should", "shall" and similar terms. Ridgeback is of the opinion that the expectations reflected in forward-looking statements are appropriate; however, it cannot guarantee that these expectations will actually materialize. Ridgeback does not assume any obligation to update these forward-looking statements or adapt them to future events and developments
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B608XL77">http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B608XL77</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.
May 10, 2011
Ridgeback Global Resources Plc. (“Ridgeback”), today announces the signing of a definitive funding agreement providing the Company access to a credit line of up to USD $6,000,000 (Six Million U.S. Dollars). The funding agreement will allow the Company to rapidly advance the development of its existing portfolio of alluvial Diamond and Gold mining claims in the Kono District of Sierra Leone, the Country’s prominent mining area.
Ridgeback’s funding partner provides debt and equity funding solutions to microcap companies listed on public exchanges in Europe. The credit line allows Ridgeback maximum allocations of USD $1,000,000 per draw down up to a total of USD $6,000,000 over the next 12 months. Management expects the first draw down to be completed within the next 30 days.
Ridgeback will now execute on its planned mining development strategy in Sierra Leone and has already identified suitable mining joint venture partners and experienced mining developers to help rapidly deploy a sustainable mining plan in each of the three current projects in the Kono District. Additionally, the Company will continue to search for new mining opportunities across Sierra Leone, South Africa and Canada, in line with its continued strategy of acquiring, developing and commercializing its portfolio of Diamond and Gold mining assets. Ridgeback is also working on building out its international network of diamond and gold buyers in the marketplace to help secure long term revenue contracts once production commences.
The Company’s near term focus is to conduct further resource analysis on existing claims with a view to bring its first of three concessions into full production by the end of 2011. Initial geological reports, provided by the Ministry of Mines in Sierra Leone, show the three concessions have an incidence of Diamonds between 0.5 to 0.85 Carats / Ton, with Gold stated at between 0.5 to 0.75 grams / ton.
Upon signing the definitive funding agreement Ridgeback’s C.E.O. Mr. Timothy Cocker commented “The injection of investment capital into the Company provides the necessary catalyst to allow Ridgeback to mobilize its operational plans in Sierra Leone. The company has already identified world class mining experts to add to the management team to build out a sustainable and efficient operational mining plan for current mining concessions. Additionally, the investment allows management to consider the expansion of Ridgeback’s activities into projects already identified in Sierra Leone and Southern Africa. However the near term focus is 100% on bringing the Kono concessions into full production by the end of 2011.”
About Ridgeback:
Ridgeback Global Resources Plc (“Ridgeback”), engages in the acquisition, exploration, and development of Gold and Diamond properties in Sierra Leone, South Africa and Canada.
Ridgeback has formed a strategic alliance with Ridgeback Mining Sierra Leone (RMSL), an established gold and diamond mining company in Sierra Leone, Western Africa. Ridgeback has agreed terms with RMSL for an initial term of 5 years, with 5 year extensions, to enter into 40% ownership Joint Venture agreements on all current and future gold and diamond mining concessions secured through the joint venture partnership.
The company also owns a 100% interest in the 3,524 hectare Ridgeback Diamond project in the Saskatchewan, a proven diamond rich area in Canada.
For more information about the company please visit www.ridgebackmining.com or www.ridgebackmining.de.
For any further information please contact our Investor Relations Team directly:
Investor relations phone: +44 (0)207 193 0540
Email: info@ridgebackmining.com
Germany office: +49 (0)7031 785 2789
Forward looking statements:
The Ridgeback Global Resources plc (“Ridgeback”) communications contains certain statements regarding future events (as understood in the U.S. Private Securities Litigation Reform Act of 1995) that express the beliefs and expectations of management. Such statements are based on current expectations, estimates and forecasts on the part of company management and imply various known and unknown risks and uncertainties, which may result in actual earnings, the financial situation, growth or performance to be materially different from the estimates expressed or implied in the forward-looking statements. Statements with respect to the future are characterized by the use of words such as "expect", "intend", "plan", "anticipate", "believe", "estimate", "may", "will", "should", "shall" and similar terms. Ridgeback is of the opinion that the expectations reflected in forward-looking statements are appropriate; however, it cannot guarantee that these expectations will actually materialize. Ridgeback does not assume any obligation to update these forward-looking statements or adapt them to future events and developments
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B608XL77">http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B608XL77</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.