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Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKEF) (‘Alkane' or ‘the Company') is pleased to announce the repayment of the outstanding A$45,000,000 debt in the Macquarie facility established for the expansion of the Company's Tomingley Gold Operations (Tomingley) in Central New South Wales.
The A$45,000,000 has been repaid using the Company's cash reserves. Alkane is now substantively debt free apart from its standard equipment financing.
Alkane Managing Director & CEO, Nic Earner, said: "The repayment of the A$45 million outstanding balance on our debt facility reflects Alkane's financial flexibility following the completion of the merger. This position demonstrates the strength of Alkane's balance sheet and gives us increased flexibility to pursue strategic organic and potential external growth opportunities whilst retaining a very strong working capital position."
This document has been authorised for release to the market by Nic Earner, Managing Director and CEO.
ABOUT ALKANE ‐ www.alkane.com.au ‐ ASX:ALK | TSX: ALK | OTCQX: ALKEF
Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKEF) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.
Alkane's wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.
Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia's reputation as a significant gold, copper and antimony production region.
Disclaimer
Nothing in this announcement should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.
This announcement contains certain forward-looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of the Company, growth or other trend projections. These statements are based on expectations as at the date of the report. Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors outside of Alkane's control and actual results, performance and achievements may differ materially from those expressed or implied from these forward-looking statements depending on a variety of factors. Alkane makes no representation, assurance or guarantee as to the accuracy or likelihood or fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. You should not put undue reliance on forward-looking statements.
CONTACT: NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677
INVESTORS & MEDIA : NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556
