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Jabiru Metals closes $14 million silver financing

Published: 18:51 19 Sep 2010 EDT

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Perth-based Jabiru Metals (ASX: JML) has executed a prepaid A$14 million silver hedge financing facility with BNP Paribas.

The structure provides Jabiru with a A$14 million up‐front cash payment in return for forward sales of 680,000 ounces of silver over the period from December 2010 to June 2012.

The quantity of silver hedged represents approximately 60% of forecast payable silver production over this period.

Jabiru said in a statement the company’s debt free status enabled it to take advantage of the silver price moving to historical highs (above US$20 per ounce) to provide working capital and fund its growth opportunities.

In the upcoming year, will see significant valuation growth potential as the Bentley Mine is brought on line; with construction of the Geraldton concentrate shed and continued feasibility and exploration drill programmes are performed at the Jaguar and Stockman Projects.

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