PAPUA NEW GUINEA - Marengo agrees to refinancing

Marengo Mining together with its wholly-owned subsidiaries, Marengo Mining (Australia) Ltd, Yandera Mining Company Ltd, Marengo Mining (PNG) Ltd and Yandera Mining Company (Holdings) Pty Ltd, has agreed to a refinancing transaction with its major shareholder, Sentient Executive GP IV, Ltd for the General Partner of Sentient Global Resources Fund IV, LP. The refinancing ensures, among other things, financial support for the company’s operations through 2014.

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PAPUA NEW GUINEA - Marengo refinancing

Assuming they fulfil certain conditions precedent, including receipt of shareholder and TSX approvals, Sentient Executive GP IV and Marengo Mining plan to complete the issuance of new debentures as part of a refinancing agreement on or about January 15, 2014. The refinancing ensures, among other things, financial support for Marengo’s PNG operations through 2014.

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PAPUA NEW GUINEA - WCB obtains Misima interest

WCB Resources has obtained the initial 30% interest in the Misima Island Project with the stake now being registered. The company is now progressing with the next Aus$3 million stage of the farm-in agreement, which will result in it obtaining an additional 19%.

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PHILIPPINES - Approval for SAGC restructure

St Augustine Gold and Copper (SAGC) has received approval by its Board and majority shareholders for the joint venture restructuring announced on October 15. Its partner, Nationwide Development Corp (Nadecor) has also received approval from its board and shareholders to proceed with the transaction.

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