EuroZinc Mining Corporation
TSX : EZM

EuroZinc Mining Corporation

June 22, 2005 09:00 ET

EuroZinc Announces Additional Debt Reduction

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 22, 2005) - EuroZinc Mining Corporation (the "Company") (TSX:EZM) is pleased to announce the repayment of the US$10 million loan from Boliden Minerals AB. This loan together with US$100 million in bank debt was used to fund the acquisition of the Neves-Corvo copper mine in June, 2004. If the copper price averages $1.40 per pound for the second half of 2005, the US$100 million debt is expected to be reduced to US$40 million by year-end.

In addition, at the same assumed average copper price of $1.40 per pound, the Company expects to fully repay the US$48 million price participation loan by October, 2005. The price participation loan was arranged in December, 2004 to purchase the price participation rights of the previous owners of the Neves-Corvo mine.

C.K. Benner, Vice Chairman and CEO, commented that, "This rapid reduction of our debt by US$118 million over an eighteen month period will significantly strengthen the balance sheet, thus providing the capability to fund other development projects or make other acquisitions in the industry."

EuroZinc Mining Corporation is a Canadian based company engaged in the acquisition, exploration, development and mining of base metal deposits internationally.

Certain of the information contained herein constitutes "forward-looking statements" within the meaning of the Private Litigation Reform Act of 1995 of the United States. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of EuroZinc Mining Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, metal price volatility, economic and political events affecting metal supply and demand, fluctuations in ore grade, tonnes of ore milled, geological, technical, and mining or processing problems. Although EuroZinc Mining Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause actual results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements.


The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • EuroZinc Mining Corporation
    Colin K. Benner
    Vice Chairman and CEO
    (604) 681-1337
    (604) 681-1339 (FAX)
    or
    EuroZinc Mining Corporation
    Ron Ewing
    Executive Vice President
    (604) 681-1337
    (604) 681-1339 (FAX)
    or
    EuroZinc Mining Corporation
    Troy Winsor
    Manager, Investor Relations
    1-888-225-9662
    www.eurozinc.com