avanco resources ltd (AVB) Snapshot

Avanco Resources Ltd. has obtained from Banco Votorantim SA, and agreed on, a proposal with a debt facility in the principal amount of up to USD 58 million for the development of the Antas North Copper Mine. This facility represents up to 80% of the capital requirements for stage I and puts Avanco's first copper mine within reach of being fully funded into production. The stage I copper project total investment is estimated at USD 70 million. Upon the fulfillment of certain conditions precedent, this un brokered facility will be available to Avanco's Brazilian subsidiary and based upon an 80/20 debt to equity ratio for up to USD 58 million of debt.

Avanco Resources Limited(ASX:AVB) added to S&P/ASX All Ordinaries Index

Avanco Resources Limited reported consolidated earnings results for the half year ended December 31, 2012. For the half year, the company reported total revenue of AUD 238,448 against AUD 475,705 a year ago. Loss before income tax was AUD 737,963 against AUD 271,507 a year ago. Net loss was AUD 737,963 or 0.07 cents per basic and diluted share against AUD 271,507 or 0.03 cents per basic and diluted share a year ago. Net cash flows used in operating activities was AUD 496,857 against AUD 172,986 a year ago. Payments for deferred exploration and evaluation expenditure were AUD 4,121,410 against AUD 6,323,925 a year ago. Payments for plant and equipment were AUD 1,416 against AUD 62,494 a year ago.