Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
Trevali Mining Corporation (“Trevali” or the “Company”)(TSX:TV)(OTCQX:TREVF) announces that it has signed an engagement letter and indicative term-sheet with WestLB AG, New York Branch (“WestLB”) for a potential secured term loan of up to US$30,000,000 in order to advance its Santander zinc-lead-silver mine project in west-central Peru to production.
“We are very pleased to enter into a relationship with WestLB,” stated Dr. Mark Cruise, Trevali’s President and CEO. “Subject to due diligence, this facility will expedite Trevali’s plans to become the next mid-tier base metal producer in the Americas.”
Trevali cautions that the successful arrangement and closing of the credit facilities is subject to customary due diligence by WestLB, currently in progress, and ultimately the acceptance of the final terms by Trevali’s Board of Directors.
ABOUT WEST LB
WestLB AG is one of Germany´s leading financial services providers and offers the full range of products and services of a universal bank, focusing on lending, corporate and structured finance, capital market and transaction services. WestLB’s Metals and Mining team incorporates years of sector experience, with the institutional global reach and local knowledge to deliver advisory, risk management, and corporate and structured finance products in a timely, consistent and reliable manner. Recent transactions by WestLB Metals and Mining group include provision of debt facilities to companies such as Pan American Silver, Consolidated Thompson, Lundin Mining, Votorantim, Baja Mining and Mercator Minerals.
ABOUT TREVALI MINING CORPORATION
Trevali is rapidly fast-tracking two advanced polymetallic deposits to production in Canada and Peru – the Halfmile and Santander projects respectively. In Canada, Trevali holds the Halfmile and Stratmat polymetallic deposits near Bathurst, New Brunswick, and the Ruttan copper-zinc deposit in northern Manitoba. Advanced permitting and engineering studies are in progress at Halfmile with proposed production at a rate of 2,000-tonnes-per-day, anticipated to commence in 2011.
At Santander, in conjunction with our partner Glencore International A.G., mine commissioning and production is anticipated to commence at 2,000-tonne-per-day in late 2011 with full production to follow immediately thereafter. Additionally, through its wholly owned subsidiary, Trevali Renewable Energy Inc., the Company is undertaking a significant upgrade of the Tingo run-of-river hydroelectric generating facility along with transmission line upgrades and extensions to allow, in addition to supplying power to the mining operation on the property, the potential sale of surplus power into the Peruvian National Energy Grid.
The common shares of Trevali are currently listed on the TSX (symbol TV). For further details on Trevali, readers are referred to the Trevali’s web site (www.trevali.com) and to Canadian regulatory filings on SEDAR at www.sedar.com.
Read the full news release here. Image from Trevali Mining Corporation.
