VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/25/13 — Astur Gold Corp. (TSX VENTURE: AST)(FRANKFURT: CDC) („Astur Gold“ or the „Company“) is pleased to announce the execution of an agreement mandating RMB Resources Inc., as arranger, of a CAD $10 million loan facility („Facility“) to be provided by RMB Australia Holdings Limited („RMB“), the lender. RMB Resources is the resource merchant banking division of the FirstRand Group of South Africa. The proceeds will be allocated to the continued evaluation and development of the Company-s flagship Salave Gold Project in Asturias, Spain and for general corporate purposes.
„RMB Resources- endorsement in arranging this debt facility is representative of their confidence in Salave. With construction in front us, this facility reduces financing risk and adds a strong partner with a wealth of mining knowledge and experience,“ stated Astur Gold President and CEO Cary Pinkowski.
Facility Terms:
The proposed Facility is expected to close by the end of April and is subject to customary requirements for senior debt facilities including approval by RMB-s Investment Committee. The issue of the warrants in connection with the Facility is subject to all necessary regulatory approvals.
Corporate Milestones and Use of Proceeds:
Private Placement:
Concurrently, Astur Gold is announcing a non-brokered private placement of up to 1,428,571 units (each a „Unit“) priced at $0.70 per Unit for gross proceeds of up to $1,000,000. Each Unit is comprised of one common share and a half (1/2) share purchase warrant. Each whole warrant entitles the holder thereof to acquire one additional common share at a price of $0.90 per share for a period of two years.
The private placement is subject to acceptance by the TSX Venture Exchange. A finder-s fee may be paid in relation to this financing in accordance with regulatory policies. The foregoing is subject to regulatory approval.
The shares issued pursuant to the private placement will be subject to a hold period of four months from the closing date in accordance with applicable Canadian securities laws. The proceeds of the private placement will be used to fund exploration and development work on the Company-s Salave gold project, and for general working capital purposes.
Option Cancellation:
Astur Gold has cancelled 300,000 options at a strike price of $1.75 expiring on May 11, 2014 belonging to a Director of the Company.
ABOUT ASTUR GOLD
Astur Gold is developing its 100% owned Salave Gold Project in Asturias, northern Spain, which is one of the largest undeveloped gold deposits in Western Europe. The Company recently received approval for an underground mine from the Commission for Environmental Affairs of the Principality of Asturias in November 2012 and is completing additional requirements for the processing plant and tailings licenses with expected completion in H1 2013. The Company is working to build a partnership with the people of Asturias to generate sustainable economic benefits for the region while balancing the needs of environmental protection and social community development.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer, President and Director
Mineral resources that are not mineral reserves do not have demonstrated economic viability. This document contains certain forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company-s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Astur Gold Corp. Vadim Dubchak (604) 694-1600
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