Peninsular Gold Limited Company Update (9571I)

TIDMPGL

RNS Number : 9571I

Peninsular Gold Limited

31 March 2015

31 March, 2015

PENINSULAR GOLD LIMITED

("Peninsular" or the "Company")

COMPANY UPDATE

Update on Bank Repayments and Financing

Further to its announcement of 19 March 2015, Peninsular Gold Limited announces that its wholly owned subsidiary, Raub Australian Gold Mining Sdn. Bhd. ("RAGM") has secured agreement from Alkhair International Islamic Bank Ltd. ("Alkhair") to the deferment of its quarterly capital repayments until June 2015. Alkhair had, as previously announced on 24 December 2014, agreed to defer its quarterly capital repayments from December 2014 until March 2015.

As per the Company's announcement of 23 January 2015, Peninsular raised GBP1.8m (MYR9.7m) for working capital and the intended re-commencement of operations at the Raub plant during Q2.

As previously announced, the Company is continuing to review its refinancing options for its existing borrowing facilities. This is in addition to the intention to raise further funds in the short term. These funds would help alleviate any uncertainties that operational cashflows will be in time, or sufficient, to meet repayments for the Group's borrowing facilities. The Company currently has available funds of approximately GBP550,000 (MYR3m).

Environmental Update

RAGM has been in discussions with the relevant environmental authorities regarding the requested change in conditions pertaining to the location of RAGM's tailings storage facilities, as announced on 2 December, 2014. This matter is progressing and RAGM management is confident that the issue will be resolved in the near future.

Final Results and Interim Results

Trading in the Company's shares was suspended on 2 December 2014 pending clarification of the Company's financial position. Subsequently, Peninsular announced a delay in the publication of its annual report and accounts to 30 June 2014 which is due to the issues relating to the going concern position of the Company as a result of the halting of operations at Raub. Until Peninsular resolves this, the Company will also not be a position to publish its half yearly report to 31 December 2014. Consequently, there will be a delay beyond 31 March 2015 in the publication of the half yearly report and the lifting of the suspension of trading in the Company's shares on AIM will also be pending such publication.

 
 Dato' Sri Andrew TY             Patrick Watson 
  Kam                             Finance Director 
  Chairman and Chief Executive    Peninsular Gold Ltd. 
  Peninsular Gold Limited         Tel: +44 (0)7799 885653 
  Tel: +60 (0)3 2698 8381 
------------------------------  ------------------------- 
 Samantha Harrison               Colin Rowbury 
  Nominated Advisor               Broker 
  RFC Ambrian Limited             Daniel Stewart & Co. 
  Tel: +44 (0)20 3440             Ltd. 
  6800                            Tel: +44 (0)20 7776 
                                  6936 
------------------------------  -------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

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