Financing Update

20 May, 2015

Further to the announcements made on 5 May 2015 and 8 May 2015, the Company provides the following update regarding both the financing for the continued development of its Rio Tinto Copper Project and its current working capital position.

As previously announced, the Company has agreed non-binding terms with regard to an equity financing structure with several parties principally including its three major shareholders, being Trafigura Beheer BV ("Trafigura"), Orion Mine Finance (Master) Fund I LP ("Orion") and Hong Kong Xiangguang International Holdings Limited ("Hong Kong Xiangguang"), an affiliate of Yanggu Xiangguang Copper Co. Limited ("XGC"). The Company is in advanced stages of finalising the definitive documentation with these parties and will provide a further update in due course.

Separately, the Company has secured additional sources of working capital and continues to expect that its working capital position is sufficient to meet its needs over the next three to four weeks while financing documentation is finalised. The Company will continue to monitor its expenditures and review additional sources of short term capital should it be needed prior to concluding the larger fundraising package.

Alberto Lavandeira, CEO of the Company, commented: “We are working hard to finalize the documentation regarding the financing structure and remain busy on the ground aiming to start full plant commissioning later this summer.”


EMED                                             Roger Davey/Alberto Lavandeira                        +34 959 59 28 50
Canaccord Genuity Limited       Henry Fitzgerald-O'Connor/Chris Fincken         +44 207 523 8000
Brandon Hill Capital                    Oliver Stansfield                                                      +44 203 463 5061
Walbrook PR                                 Nick Rome                                                               +44 207 933 8783

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