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Cline Mining Announces Bond Interest Default
Published : December 18, 2012
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Keywords :   Canada | Cline | Coal | Gold | Iron | K Street | Madagascar | Market |

Cline Mining Announces Bond Interest Default

TORONTO, Dec. 18, 2012 /CNW/ - Cline Mining Corporation ("Cline" or the "Company") (News - Market indicators) announced today that it was unable to make the semi-annual payment of interest in the amount of US$2,500,000 that was due on December 17, 2012 on its outstanding US$50,000,000 principal amount of 10% senior secured bonds.  The Company has been in discussions with Marret Asset Management Inc., which represents the bondholders, and is considering the options available to the Company.

About Cline

Cline, through its subsidiaries, has metallurgical coal property interests in Colorado, U.S.A. with NI 43-101 independent Technical Reports. It also is the plaintiff in a legal action commenced against the British Columbia government with respect to the loss of rights under coal licences relating to certain properties in British Columbia.  Cline is focused on the exploration and development of metallurgical steel making coals in Canada and the U.S., and on its iron ore property in Madagascar and its Cline Lake gold property in northern Ontario, Canada.

Forward-Looking Statements

This press release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of the Company, the environment in which it operates and the Company's future financial and operating performance. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such statements are based on assumptions, estimates, forecasts and projections made in light of the trends, conditions and expected developments that are considered to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of the Company. A number of factors and assumptions may cause actual results, level of activity, performance or outcomes of the Company to be materially different from those expressed or implied by such forward-looking statements including, without limitation, the future price of coal, industry market trends and predictions, the estimation of mineral reserves and resources, capital, operating and exploration expenditures, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and regulatory matters and other risks set forth in other public filings of the Company. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Head office:

Brookfield Place, 181 Bay Street, 3rd Floor, Clarkson Gordon Heritage Building, Toronto, ON, M5J 2T3


SOURCE: Cline Mining Corporation

For further information:

Ken Bates, President and CEO
Office: (416) 504-7600
Email: kbates@clinemining.com

Belinda Labatte
Greg DiTomaso
The Capital Lab
Office: (647) 438-2193
Email: investor@clinemining.com

Data and Statistics for these countries : Canada | Madagascar | All
Gold and Silver Prices for these countries : Canada | Madagascar | All

Cline Mining Corp

CODE : CMK.TO
ISIN : CA1869051054
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Contact Cpy

Cline Mining is based in Canada.

Cline Mining holds various exploration projects in Canada and in Madagascar.

Its main exploration properties are CLINE LAKE in Canada and BEKISOPA in Madagascar.

Cline Mining is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.0 millions as of today (US$ 1.0 millions, € 762 599).

Its stock quote reached its highest recent level on January 14, 2011 at CA$ 5.04, and its lowest recent point on June 21, 2013 at CA$ 0.01.

Cline Mining has 209 145 000 shares outstanding.

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Financings of Cline Mining Corp
6/3/2013Announces Rights Offering Will Not Proceed
Nominations of Cline Mining Corp
6/17/2013Announces Appointment of CFO
5/24/2013announces resignation of President, CEO and director and app...
5/22/2013announces resignation of director
5/21/2013announces resignation of Chairman, Director and the appointm...
4/17/2013announces resignation of Brian Tobin from the Board and Appo...
2/11/2013Announces Appointment of Directors
Financials of Cline Mining Corp
4/16/2013announces filing of first quarter 2013 Financial Statements ...
3/1/2013announces filing of 2012 Financial Statements and its Manage...
Corporate news of Cline Mining Corp
6/18/2013Executes Forbearance Agreement With Trustee
4/26/2013announces entering into recapitalization agreement
4/23/2013announces Annual General Meeting
4/11/2013issues additional bonds under its financial restructuring
4/8/2013- Parties extend deadline for receipt of non-refundable depo...
4/1/2013enters into agreement for equity recapitalization
2/28/2013enters into non-binding letter of intent
1/9/2013- Update on TSX Regulatory Matters
12/27/2012Enters Into Agreement for Financial Restructuring
12/18/2012Announces Bond Interest Default
9/17/2012announces update on New Elk mine
10/7/2011Sells Its Lossan Met-coal Deposit To Xstrata Coal For Cdn$40...
10/3/2011Establishes a Stand-by Commitment for up to US$50 Million
6/9/2011TECHNICAL REPORT OF MAY 27, 2011
5/16/2011Announces $75 Million Equity Offering
5/16/2011- NEW ELK COAL MINE UPDATE
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