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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intl. Cons. Min | LSE:ICMI | London | Ordinary Share | KYG4839H1386 | ORD USD0.001 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4970R International Consolidated Min. Inc 03 April 2008 3 April 2008 International Consolidated Minerals Inc ("ICMI" or the "Company") Retains Credit Suisse as Financial Advisor to evaluate Strategic Alternatives International Consolidated Minerals Inc (AIM: "ICMI"), the South American focused mineral exploration and development company is pleased to announce that it has retained Credit Suisse as its financial advisor to assist the Company in evaluating strategic alternatives to maximize shareholder value from its Pachapaqui Project in Peru. These alternatives may include, but are not limited to, the development of the Pachapaqui Project by the Company itself, strategic alliances to assist in the development of the Pachapaqui Project, financing opportunities, mergers, acquisitions, a sale of all or part of the business, or such other alternatives that are considered to be in the best interests of the Company and its shareholders. Greg Smith, the Company's Executive Chairman and Founder Shareholder commented: "We are extremely pleased with the results obtained from the work undertaken on our Pachapaqui Project to date and are now ready to move to the next phase of developing the Project. Our broker, Fox-Davies Capital, published a research note in January 2008 (the "FDC Report") that indicated a valuation for the Company of US$762 million, on a fully diluted basis with a price of US$14.93 per share. We have, since publication of the FDC Report, announced that our drilling results indicated at least 15 million gross additional tonnes of in-situ mineralization in the Mantos area, new gold bearing potential from a breccia pipe, new copper and zinc discoveries and preliminary assay results from the Mantos area which are consistent with the ore grades contained in our competent persons report from our mining property in Pachapaqui in Peru. Despite announcing such significant finds for ICMI, which substantially increase the value of the reserves and resources of the Company, we have not yet seen a corresponding increase in our market capitalization. We have therefore retained Credit Suisse as our financial advisor to assist in reviewing our strategic alternatives with the objective of maximizing shareholder value, and we look forward to working with them to ensure that all alternatives available to the Company are considered and evaluated to achieve that objective." Marv Pelley, the Company's Chief Operating Officer, commented: "In September 2007, when we listed the Company's shares in London, we had an inferred resource of 7.4 million tones. In January of this year, we announced that our exploration results indicated at least 15 million additional tonnes of in-situ mineralization. In addition to the resource being substantial, it is our opinion that the Pachapaqui mineral deposit has advantages that are completely unique. It is located in a stable country that welcomes mining and in a district that possesses excellent infrastructure with an experienced labor force readily available. We believe that Pachapaqui is a world-class asset and we will continue its development on a fast track basis." On 17 January 2008, the Company announced preliminary results from the first phase of an ongoing, long term exploration programme at its Pachapaqui (Peru) polymetalic mining property. During 2007, ICMI has been carrying out an extensive drilling campaign targeting only one small portion of the Pachapaqui property, a mineralized zone referred to as the Mantos Zone. Drilling to date indicated at least 15 million gross tonnes of in-situ mineralization in the Mantos area. Whilst these results are not JORC compliant, the Company expects to release a JORC compliant resource estimate in the 2nd quarter of 2008. This exploration area is just one of several high potential prospects and discoveries made by ICM's exploration campaign to mid December 2007. On 1 April 2008, the Company announced summary data on a gold bearing potential from a breccia pipe, new copper and zinc discoveries and preliminary assay results from the Mantos area from its polymetalic mining property in Pachapaqui in Peru. It is anticipated that the evaluation of strategic alternatives for the Company will require an extended period of at least several months. There can be no assurance that any particular alternative will be pursued nor that any corporate transaction will occur. Enquiries: International Consolidated Minerals Greg Smith Chairman, CEO Tel: +44 (0)20 7808 4851 Pawan Sharma Executive Vice President - Tel: +44 (0)20 7808 4851 Corporate Affairs Strand Partners Limited Simon Raggett Tel: +44 (0)20 7409 3494 Warren Pearce Tel: +44 (0)20 7409 3494 Pelham Public Relations Charles Vivian Tel: +44 (0)20 7743 6672 Kate Newton Tel: +44 (0)20 7743 6604 Fox-Davies Capital Limited Daniel Fox-Davies Tel: +44 (0)20 7936 5220 Richard Hail Tel: +44 (0)20 7936 5230 Thomas Wiesel Partners (UK) Limited Stefan Edelman Tel: +44 (0)20 7877 4479 Paul Newman Tel: +44 (0)20 7877 4478 ADDITIONAL INFORMATION ON INTERNATIONAL CONSOLIDATED MINERALS INC. International Consolidated Minerals Inc (AIM: ICMI), the South American focused mineral exploration company, was formed to pursue the exploration, development and production of mineral assets with a focus in Latin America, and initially in Peru on the Pachapaqui Mine. ICMI's strategy is to focus on the development of high-quality mining assets at an advanced stage of development. ICMIs main asset and current focus is the Pachapaqui mining concession which contains zinc, lead, copper, silver and gold minerals. This concession was acquired in 2005 along with 32 mining concessions of 2,105 hectares and one beneficiation concession of 65 hectares including a disused mine and concentrator which is currently in the process of being upgraded. In 2007, ICMI embarked on a drilling and exploration programme primarily in and around the Mantos area and the company intends to use this project to increase resources and reserves. Further information is available from the Company's website at: http://www.icmi-inc.com. - END - This information is provided by RNS The company news service from the London Stock Exchange END MSCSSLEDESASEEL
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