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Condor Blanco Mines €10m Euro Debt Funding Still On Track

Condor Blanco Mines (ASX:CDB) has re-iterated that the €10 million Euro debt funding is still on course and progressing for the Marianas Magnetite Tailings Project and Signet Hard Coking Coal project.

Receipt of funds is now based upon the completion of international bank compliance requirements. Condor is currently working through transfer of the funds to the company's Australian Bank, it said today.

Condor said in a statement that binding agreements are in place with the involved financial parties (Shengtang Industry Development Co, Limited - Hong Kong on behalf of Emirates Paper Mills Limited and Mastech Management Consultancy FZC - UAE).

They have provided "confirmation of good standing and funding ability of the monetising party (Shengtang Industry Development Co. Ltd being provided) by HSBC - Hong Kong as at 7 May, 2014".

This follows the leased bond having been accepted for monetisation at 70% LTV (loan-to-value) ratio through the above mentioned parties.

As Condor has not previously been a recipient of funds of this nature the verification process has been exhaustive, it said today.

Condor Managing Director, Mr Glen Darby, said: "Like our shareholders, we are eagerly awaiting completion of the loan but have been patiently and rigorously proceeding with various compliance and lender requirements.

Regarding rumours and innuendo in some quarters, he said:

"However, in recent weeks, we have also been increasingly concerned that there is a concerted and well-organised attempt to discredit Condor Blanco by unknown parties through the use of a social media site and false or unsubstantiated rumours.

"This is illegal under Australian and international conventions and Condor Blanco has commenced investigations to prosecute these parties to the full extent of the law including applying for the subpoena of Internet information and other action to trace these malicious parties."

Analysis

It would appear that Condor has been the target of vexatious, mendacious and scurrilous mongering in some quarters. Once the facility is in place, it is to be hoped that the company will be left to get on with the job. Given the near term cash flow potential of Marianas project plus the Signet hard coking coal project, the scope for upside for Condor is significant with funding in hand.

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