Red Crescent Resources Announces Funding Progress and 2012 Operational Targets
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 02/17/12 -- Red Crescent Resources Limited ("RCR") (TSX: RCB)(FRANKFURT: 7RC), a mineral exploration and development company focused on base metals in Turkey, today announced that following a full review by the board, it has approved the Company's specific business targets established for 2012 project operations.
"Our project teams defined an operating budget inclusive of contingency amounting to $3.5 million as sufficient to carry RCR to a position of self sufficiency within 2012. Disappointingly our recent non-brokered private placement for this requirement received C$0.27m net and yet pleasingly RCR has signed an agreement with one of its bankers in Turkey for an inaugural revolving working capital financing facility of C$0.23m. Further RCR received principle approval for an application for significantly larger inaugural revolving working capital financing facilities with its Principal Banker in Turkey supported by its demonstrated ability to produce sustainable revenues from DSO. RCR is now in active discussions to conclude these facilities as soon as possible in February, 2012." said Mr. Alan Clegg, Chairman and CEO of Red Crescent Resources Ltd.
"Further and notably, RCR's bankers additionally offered and have agreed in principle to provide long term leasing up to 5 years on all RCR mobile and production equipment requirements for Exploration, Underground and Surface Mining, in association with major international OEM (Original Equipment Suppliers) like Sandvik, Caterpillar and local Turkish suppliers and this will make a significant cut in advanced capital deposit and funding requirements generally within the budget. Here again RCR's project teams are in active discussions finalizing equipment fleet specifications and delivery contracts, etc, and news on conclusion will be forthcoming in the near future."
"Our targets for the year have been developed to specifically address our unique position having three major projects each at various stages of exploration, development and production, along with significant secondary resource/reserve targets and through the leveraging of their exceptional in-situ grade profiles demonstrated by the DSO (direct shipping ore) already produced, along with deployment of appropriate low cost process and upgrading technologies can quickly build the cash generative capacity of the corporation; and in order to enable and establish a baseline position of self funding sufficiency for resource development in the 2012 operating period."
Commenting further, Mr. Clegg said; "RCR remains in other active discussions with a major Global Investment Bank which is strategically active in Turkey and a number of other Turkish parties. These discussions are fully expected to deliver additional targeted equity funding arrangements up to $3.2m directly along with additional in-direct funding via 'earn-in' agreements for its Hakkari projects (Zinc, Copper & Manganese) and other assets by mid-March 2012."
Alan M. Clegg Pr.Eng FSAIMM, a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this release.
Forward-looking statements
The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
About Red Crescent Resources
Red Crescent Resources (TSX: RCB)(FRANKFURT: 7RC) is a Turkey-based junior mining company targeting historically inaccessible areas where no modern application of exploration techniques or technology has been applied, with potentially significant base metal deposits under development.
RCR's strategic and operational focus is fundamentally under-written by virtue of its situational geography, i.e. within Turkey as one of the fastest growing industrial economies. The sustainability of this growth is dependent upon Turkey's ability to fund the growing balance of payment deficit caused by its continued and accelerating growth in consumption of the main industrial base metal & other mineral commodities; four of the top six are Copper, Zinc, Lead, and Ferro-metals. RCR is the leader in the drive for Turkey to be as far as possible self sufficient by virtue of its ability to produce the key industrial base metal commodities required by 2023. For more information, please visit: .
Contacts:
TMX Equicom
Joe Racanelli
+1 416 815 0700 ext 243
Red Crescent Resources Limited
Alan Clegg
+90 530 662 8964
+90 312 448 2926 (FAX)
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Datum: 17.02.2012 - 16:52 Uhr
Sprache: Deutsch
News-ID 116113
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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