ASX Announcement
Friday 26th June
Sirius Resources NL
ASX code: SIR
ABN: 46 009 150 038
Head office:
253 Balcatta Road
Balcatta, Western Australia 6021
Postal address:
PO Box 1011
Balcatta, Western Australia 6914
Tel: +61 8 6241 4200
Fax: +61 8 6241 4299
Email:
admin@siriusresources.com.au
Web:
www.siriusresources.com.au
Projects:
Fraser Range nickel-copper, gold Polar Bear gold, nickel SIRIUS COMPLETES FIRST DEBT DRAW- DOWN, NOVA CONSTRUCTION PROGRESSING WELL Key points Sirius completes first debt draw-down under its financing facility
Nova surface construction activities progressing well
Nova underground development on track and on schedule
Sirius Resources NL (ASX:SIR) ("Sirius" or the "Company") advises that it has completed the first draw-down of funding under the previously announced A$440 million Syndicated Facility Agreement ("Facility") to fund the ongoing development of its 100% owned Nova nickel mine ("Project") in Western Australia.
Sirius has drawn down the first A$57 million under this Facility, following the satisfaction of all conditions precedent. The draw-down will fund ongoing mine development and construction activities at Nova. This draw-down marks another key milestone in the development of the project, which is on track to produce first concentrate in the fourth quarter of calendar 2016.
Sirius' Managing Director, Mark Bennett, commented "the first draw down on our debt facility, and the satisfaction of all conditions precedent as a prerequisite to this, is yet another important milestone. It signifies everything is progressing to plan, and that Nova is on track to commence production on time and on budget".
Underground development at Nova is progressing well, with the decline now advanced by more than 300 metres from the portal. Decline development is on schedule and mine services including power, water, ventilation, and pumping are fully operational.
Surface construction activities are also progressing well, as follows:
The tailings dam is nearing completion, with all earthworks complete and plastic HDPE lining nearing completion
The aerodrome is currently 70% complete and on schedule for completion by the end of July
The 38 kilometre long access road is progressing well, with the road alignment now cleared to the Eyre highway and foundations completed over approximately 17 kilometres of this distance
www.siriusresources.com.au
ASX Announcement
Friday 26th June
Village construction is 80% complete and ahead of schedule. 270 rooms together with the dining room, tavern, gym and administration area are now fully functioning and the village is expected to be fully commissioned by the end of June
The central water management facility is 74% complete and the sewage treatment plant is being commissioned
A 10 megabyte communications and IT services link has been established with full Telstra 3G
mobile phone service
Work on detailed engineering for the processing plant and paste fill plant has commenced and it is expected on site works will commence in September
In addition, the power generation contract is to be awarded shortly, and mine optimisation studies are at an advanced stage.
Mark Bennett, Managing Director and CEO
For further information, please contact: Sirius Media:Anna Neuling Warrick Hazeldine / Michael Vaughan
Director - Corporate & Commercial Cannings Purple
+61 8 6241 4200 +61 417 944 616 / +61 422 602 720
www.siriusresources.com.au
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