Perth, Australia (ABN Newswire) - The Board of Metals X (ASX:MLX) (OTCMKTS:MYXXY) wishes to advise that it has completed a gold pre-pay arrangement with Citibank, N.A. (London Branch) ("Citi") over 30,000 oz of future gold production.
Under the arrangement Citi has advanced Metals X $40.445 million in cash and Metals X has an obligation to deliver 1,250 oz of gold per month for 24 months.
Metals X had cash and working capital of $90.8 million (un-audited) as at 31 August 2014.
Funds will be applied to continued expansion of the Company's Gold Division.
About Metals X Limited:
Metals X Ltd.
(ASX:MLX) (OTCMKTS:MTXXY) is a Diversified Resource Company. Australia's largest tin and one of Australia's top 10 gold producers. Considerable cashflow is generated from its two operating gold mines at South Kalgoorlie and Higginsville in WA and from its 50% owned high grade tin mine in Tasmania which is also one of the largest hard rock tin mines in the world. The company boasts resources of over 14 Moz of gold, 140,000 tonnes of contained tin and over 2 million tonnes of contained nickel. The company also has a considerable portfolio of growth assets, including one production ready and one development ready gold project and one of the world's largest undeveloped nickel and cobalt projects.
The Central Murchison Gold Project consists of a fully refurbished 2.0Mtpa gold plant and resource containing over 8.6 Mozs of gold in a combination of high grade underground mines and lower grade open pits, expected to be in production in early 2015. The Company's Rover 1 iron-oxide-copper-gold discovery contains 1.2Moz of gold equivalence which is targeted for production in 2016.
The 100% owned world class Wingellina Nickel and Cobalt Project hosts a global resource of over 180Mt at 1% nickel that includes 167Mt as a probable reserve. Metals X has joined with one of the World's largest companies, Samsung C and T, to work together to finance and develop the Wingellina project.
Metals X Ltd.