US$500 million Project Finance Facility Updatefrom company...

US$500 million Project Finance Facility Update
from company update today...

"Moly Mines can also confirm that it has been advised by the China Development Bank (CDB) that their credit approval process for a revised US$494 million in project finance facilities to develop the Spinifex Ridge Molybdenum / Copper mine has been completed.
The structure of the facilities continues to evolve. CDB's revised commitment is for a US$454 million twelve year project finance facility and an additional US$40 million in working capital facilities. Hanlong has advised that an additional US$6 million will be advanced separately to Moly Mines to meet their commitment to procure US$500 million in project finance facilities.
CDB has confirmed that the expiry date of the previously announced credit approval of 7 July 2011 no longer applies. However CDB, Hanlong and Moly Mines remain focused on completing the main finance facility loan documents as soon as possible and meeting conditions precedent to first drawdown as soon as practical thereafter."

E.