RMLA Rusina Mining

 

TIDMRMLA 
 
RNS Number : 0269M 
Rusina Mining NL 
17 May 2010 
 

Monday 17th May, 2010 
                                Rusina Mining NL 
                          ("Rusina" or the "Company") 
                  European Nickel Release re Financing Update 
 
Please find below a release from Rusina's proposed merger partner, European 
Nickel PLC (AIM, PLUS: ENK), providing an update on the financing status for the 
Çaldag project in Turkey. 
 
For further information, please contact: 
Mark Hanlon                   Rusina Mining                    Tel: +61 8 9226 
1111 
Roland Cornish                Beaumont Cornish             Tel: +44 (0) 207 628 
3396 
 
 
                "Western Banks to Lead Çaldag Project Financing 
17 May 2010 - London: European Nickel PLC ("European Nickel" or the "Company") 
(AIM, PLUS: ENK) is pleased to announce that it has selected Western Bank 
project financing as its preferred funding route for its Çaldagnickel laterite 
project in Turkey. 
In conjunction with Endeavour Financial Corporation, the Company's debt 
advisers, European Nickel has negotiated an indicative term sheet with Initial 
Mandated Lead Arrangers for the Çaldag project financing and will make a further 
announcement once a mandate letter has been signed.  Following the completion of 
the mandate letter and agreement of the term sheet, further banks will be 
invited to join the bank club. 
There remains an opportunity for the Chinese bank to participate in the funding 
of Çaldag as part of the financing group. 
The offtake agreement with Jiangxi Rare Earth and Rare Metals Tungsten Group 
Company Limited ("JXTC") has expired today and European Nickel is now 
negotiating a new offtake agreement with a number of interested parties, 
including JXTC. The Çaldag mixed hydroxide product (averaging 30% nickel) is a 
high quality intermediate product suitable for a number of refineries and 
smelters around the world. 
Simon Purkiss, Managing Director, said "Whilst we worked hard to deliver the 
Chinese project finance, we could not go on indefinitely without a clear sign of 
commitment from the Chinese parties before our extension deadline.  We believe 
the Western Banks have demonstrated their level of interest in the project by 
negotiating an indicative term sheet and feel it is now appropriate to pursue 
Western Bank project financing.  The next step will be to sign a mandate 
letter." 
 
 
For more information, please visit www.enickel.co.uk or contact: 
Simon Purkiss or Andrew Lindsay, European Nickel                Tel: 020 7290 
3130 
Ryan Gaffney or Tarica Mpinga, Canaccord Genuity                Tel: 020 7050 
6500 
Alex Buck, BuckBias 
    Tel: 07932 740 452" 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCEANSXFEXEEEF 
 

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