Minemakers Limited
ASX : MAK
TSX : MAK

Minemakers Limited

November 16, 2010 08:30 ET

Further Update on Minemakers' Loan to BCD Resources NL

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2010) - Following our previous announcement of 11 November 2010, Minemakers Limited (TSX:MAK)(ASX:MAK)(NSX:MMS) ("Minemakers") and BCD Resources NL (ASX:BCD) ("BCD") have continued discussions regarding a possible restructure of the arrangements under the Loan Agreement between Minemakers' wholly- owned subsidiary, Minemakers (Gold) Pty Ltd ("MGPL"), as lender and BCD as borrower.

BCD has also advised that it has received letters of commitment from several parties prepared to advance moneys to BCD.

In the circumstances, Minemakers has agreed with BCD to a 48 hour standstill arrangement. During this period MGPL will not exercise any rights under its loan agreement or first ranking security with BCD whilst all parties will endeavour to finalise arrangements which will result in BCD being able to secure new funding sufficient to allow it to continue its operations.

All MGPL's rights are preserved pending expiry of the standstill period should new arrangements not be satisfactorily finalised.

Andrew Drummond, Managing Director

ABN 48 116 296 541

Contact Information

  • Minemakers Limited
    Mr Andrew Drummond
    Managing Director
    +61 8 9264 7000
    +61 8 9264 7099 (FAX)
    or
    Minemakers Limited
    Mr Dean Richardson
    Corporate Business and Investor Relations Manager
    +61 8 9264 7000
    +61 8 9264 7099 (FAX)
    www.minemakers.com.au
    or
    Collins Street Media
    Mr Ian Howarth
    Managing Director
    0407 822 319