Frontier Mining – Update on Proposed Financing

Frontier Mining – Update on Proposed Financing

Further to the announcement made by the Company on 22 December 2008, the Company wishes to inform the market that negotiations regarding the GBP9 million debt facility and the proposed acquisition of the assets from Silk Route Resources Limited are at an advanced stage.  However, there are no guarantees at this stage that these negotiations will be finalised. In light of this progress, Coville Intercorp Ltd has agreed to further defer the repayment of the US$7.7 million Convertible Loan Note until close of business on 23 January 2009.

The Company will update the market further in due course.

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