Torq Resources Inc V.TORQ

Alternate Symbol(s): TRBMF

Metals & Mining Industrial Metals & Minerals

Torq Resources Inc. is a Canada-based copper and gold exploration company with a portfolio of holdings in Chile. Its projects include Santa Cecilia, Margarita and Andrea. The Santa Cecilia project is located approximately 100 kilometers (km) east of the city of Copiapo, Chile, in the southern region of the Maricunga belt and immediately north of the El Indio belt. The property covers over 3,250 hectares (ha) and is immediately adjacent to the Norte Abierto project. The Margarita Iron-Oxide-Copper-Gold (IOCG) project is situated in Chile, over 65 km north of the city of Copiapo. The Margarita project is comprised of approximately 1,245 ha. The Andrea copper porphyry project is situated in northern Chile, over 100 km east of the city of La Serena. The property is located at the western margin of the Miocene aged El Indio belt that hosts the El Indio and Pascua Lama epithermal gold and silver deposits. The Andrea project covers over 1,200 ha at elevations ranging from 3900-4900 meters.

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Torq Resources Inc

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Post by au536on Aug 25, 2008 5:12pm

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Post# 15408661

BANK INDEBTEDNESS

5. BANK INDEBTEDNESS

Bank indebtedness is comprised the following lines of credit as at June 30, 2008:

Amount
Royal Bank, secured line of credit, due on demand, interest at bank’s prime plus 0.25% $ 1,453
Merrill Lynch, secured line of credit, due on demand, interest at fluctating LIBOR rate $917
Bank of America, unsecured bank loan, due on demand, interest at bank’s prime plus 2%$81
$ 2,451

The Company is currently in the process of renegotiating the terms of the Royal Bank line of credit which, due to changes in financial structure associated with the acquisition of RSI has required revision of certain covenant calculations.

Extracted from Q2s.
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CFO not answering e-mail traffic because she is on vacation. An e-mail from me two weeks ago to her and two other internal Sirit addressees resulted in absolutely no formal responses to my query. Suspect they might have a "block" vacation period in August resulting in only a few personnel minding the shop.

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