GB Minerals Ltd. Announces Payment of Debt Obligations
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2014) - GB Minerals Ltd. (TSXV: GBL) (the “Company”) announces that it has paid and retired debt obligations totaling approximately C$8,205,316 in accordance with the terms of such obligations. The debt obligations consisted of all outstanding convertible debentures and promissory notes currently held by Alpha Infrastructure LLC, Amabro Investments Ltd., Aterra Investments Limited, Conista Holdings Ltd. and Sputnick Limited.
Luis da Silva, President and Chief Executive Officer of the Company, comments:
“The repayment of the Company’s debt obligations is an important milestone in the restructuring of the Company’s balance sheet. A simplified structure will now make the Company more attractive for investors and puts an end to further unnecessary financial strain. The support of the shareholders adds confidence to potential future investors and begins the recapitalization of the Company as we ultimately move towards delivery of a full bankable feasibility study and a construction decision next year.
There is no substitute to having a project of pedigree with high grade such as Farim. And with a newly elected democratic government, there is a collective willingness from all stakeholders to accelerate this project to be a producing mine and a significant contributor to Guinea-Bissau's economy."
ON BEHALF OF THE BOARD
Luis da Silva
President and Chief Executive Officer
For further information please contact:
| Luis da Silva | Angel Law |
| President and Chief Executive Officer | Chief Financial Officer and Corporate Secretary |
| Telephone: + 1 (604) 569-0721 | Telephone: +1 (604) 569-0721 |
ABOUT GB MINERALS LTD.
GB Minerals Ltd. is a Canadian mining exploration and development company focused on advancing its world class, high quality, development Farim phosphate project in Guinea Bissau, West Africa (the “Farim Project”).
Based upon the information in the NI 43-101 study entitled “Feasibility of the Beneficiated Rock Concentrate of the Farim Phosphate Project, Guinea-Bissau an NI 43-101 Report” dated December 19, 2012, the Farim Project is estimated to contain measured resources of 64.6 million tonnes at an average grade of 29.11% P2O5, indicated resources of 28.1 million tonnes at an average grade of 27.68 P2O5 and inferred resources of 18.3 million tonnes at an average grade of 28.66% P2O5. The Farim Project has a 25 year mining plan for a run of mine of 32.5 million tonnes at 30.4% P2O5 @ 4.5% Fe2O3 and 2.5% Al2O3 producing 25 million tonnes at a rate of 1 million tonnes per year beneficiated phosphate rock concentrate having an average grade of 33.1% P2O5 @ 1.6% Fe2O3 and 1.4% Al2O3, and total proven and probable reserves of 33.0 million tonnes (dry) with an average ROM P2O5 grade of 30.4%.
The Company has already been granted a production license in relation to the Farim Project which is the subject of the feasibility study referred to above and filed under the Company's profile on SEDAR at www.sedar.com on January 17, 2013.
The Company’s shares are listed on the TSX Venture Exchange under the trading symbol “GBL”. For additional information, please visit us at www.gbminerals.com.
FORWARD LOOKING STATEMENTS
Certain information in this news release relating to the Company is forward-looking and related to anticipated events and strategies. When used in this context, words such as “will”, “anticipate”, “believe”, “plan”, “intend”, “target” and “expect” or similar words suggest future outcomes. Forward-looking information contained in this press release includes, but may not be limited to, mineral reserve and mineral resource estimates, the expected mine life and production of the Farim Project, the anticipated exploration and development activities of the Company, feasibility study, recapitalization and business plans. By their nature, such statements are subject to significant risks and uncertainties that may cause actual results or events to differ materially from current expectations. Readers are cautioned not to place undue reliance on forward-looking information as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking information. Forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either as a result of new information, future events or for any other reason.
Any mineral resource and mineral reserve figures referred to in this press release are estimates and no assurances can be given that the indicated levels of minerals will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that the mineral resource and mineral reserve estimates in respect of its Farim Project are well established, by their nature mineral resource and mineral reserve estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource and mineral reserve estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
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