Heron Announces Update on Construction at Woodlawn and Debt

Heron Resources Limited (ASX:HRR) has released an update on construction activities at its Woodlawn zinc-copper project, and said that its completed the draw-down of the first tranche of US$20 million of debt from Orion Mine Finance.

As quoted in the press release, managing director of Heron Wayne Taylor said:

“The draw-down of the US$20M debt tranche is a significant milestone for the Woodlawn project finance and was subject to the completion of specific conditions precedent, all of which have been satisfied. The debt tranche is being drawn-down in accordance with the project timeline with the funds to be utilized for Woodlawn plant construction activities. The project is advancing to schedule and once in production will position the company to capitalize on favourable conditions in the physical zinc market.”

According to the company excellent progress has been made in the construction of the Woodlawn project in New South Wales, Australia, and it is now beyond 50 percent complete.

• The arrival of significant amounts of process plant equipment – pumps, blowers, drive units, cyclone clusters
• Construction commencing on thickeners and feed tanks
• Arrival of permanent support buildings and site facilities
• Power connection works underway
• Bulk earthworks completion to occur in the next few days
• Underground mining contractors early mobilization activities
• Operational personnel appointments across geology, mining engineering, mine surveying, process maintenance and process operational areas (strong interest received from the general resources sector for site roles)
• Heron personnel relocated into the permanent operational offices.

Click here to view the full Heron Resources (ASX:HRR) press release.