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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Ambrian | LSE:AMBR | London | Ordinary Share | GB0003763140 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.50 | 1.25 | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5641M Ambrian Capital PLC 23 November 2006 23rd November 2006 Ambrian Capital plc Heads of Agreement signed with Palladex plc - Merger of Mining and Exploration Assets * Heads of Agreement ("HOA") signed for the merger of Ambrian Capital's unlisted mining and exploration assets with Palladex plc * Production of platinum concentrate from Yubdo Platinum and Gold Development PLC ("YPGD"), Ethiopia * Advanced stage gold exploration project at Tulu Kapi in Ethiopia * Drill target assessment on Lake Sonfon Gold and Diamond exploration project, Sierra Leone * Exploration activities underway on Madagascan gold project Ambrian Capital plc, formerly Golden Prospect plc, ("Ambrian" or "the Company"), wishes to announce that it has signed a Heads of Agreement to merge its mining and exploration assets (the "Transaction"), with Palladex plc, AIM: PLX (" Palladex"), a mineral exploration and development company. At the same time Palladex has also agreed to acquire Ethiopian Resources Limited ("ERL") a private UK registered company which imports platinum concentrate from Ambrian's Ethiopian assets. In return, Palladex will issue an aggregate of 50,000,000 new shares to Ambrian (and its nominees) and the shareholders of ERL. Following the completion of the Transaction, Ambrian (and its nominees) and the shareholders of ERL will hold a 44.8% interest in Palladex. Ambrian is selling its wholly owned subsidiary, Golden Prospect Mining Company Limited (Bermuda) ("GPMC") which holds, either itself or through subsidiaries, the following assets: * a 51% interest in YPGD and management of a platinum and gold mining operation and 100% of (a) three exploration licences and (b) two prospecting licences for gold and platinum in Ethiopia; and * an 87.5% interest in Madagascar Gold and Stones SARL ("MGS") which holds gold exploration licences in Madagascar; and * exploration projects, through joint ventures, for platinum, gold and diamonds in Sierra Leone; and Due diligence on the assets is in progress and all parties are working to a target completion date of 29 December 2006, subject to completion of formal documentation, finalisation of appropriate warranties and the approval of the shareholders of Palladex. The parties have agreed that Ambrian will nominate three new members to the Palladex board of directors and that three members of the Palladex board will retire on completion of the Transaction. Highlights of the projects include: * Production of platinum concentrate from Yubdo Platinum and Gold Development PLC, in Ethiopia. The Yubdo platinum/gold ore body is located in the Yubdo mafic-ultramafic complex, which is located in the Welega Region, of western Ethiopia. Trial mining and processing equipment has been ordered, which is expected to raise output to the 1,000 ounces per annum, while the design of a large scale operation is researched and completed. The occurrence of placer and alluvial platinum and gold has been known since ancient times. An estimated 85,000 ounces of platinum were extracted from the area between 1929 and 1941 through simple water washing surface workings. Large areas on the licences remain to be evaluated. The deposit is open on strike and width. The potential beneath the 10-15m highly weathered surface layer has not been investigated, although quartz stock work has been observed in the bottom of some of the exploration pits. * Advanced stage gold exploration project at Tulu Kapi in Ethiopia. Gold was mined, via an open cut mine and adits, in the 1930's. The UNDP, in the 1970's, and Tan Range Exploration, in the late 1990's, conducted systematic geological mapping, geochemical prospecting, trenching and geophysical investigations, and drilled some diamond drill holes. These programmes indicated a zone of gold anomalies, 100-400m wide and about 1.3km long and gold mineralisation in the trenches, while the drilling intersected significant gold and silver mineralisation, with sulphides (mainly pyrite) associated with hydrothermal alteration within syenite. GPMC has carried out detailed additional mapping, soil geochemistry, structural analysis and is completing an eight hole diamond drilling programme, of which four have been completed. A major sigmoidal structure has been identified over 1km with an apparent width of 150-200m, which contains two wide series of quartz veins. The first four holes of the programme intersected mineralised sections, with carbonate and quartz veinlets, associated with bands of, and disseminated, sulphides, mainly pyrite. Patches of sulphide mineralisation were observed in the core between the intersections. Assaying is underway in the SGS Laboratory, South Africa. * Drill target assessment on Lake Sonfon Gold and Diamond exploration project, Sierra Leone. The Company is participating in a joint venture with Golden Star Resources Inc (TSX: GSC, "Golden Star") and Mano River Resources Inc (AIM: MANA; TSX: MNO, "Mano"), on two contiguous exploration licences around Lake Sonfon in the Sula Mountains green stone belt in northern Sierra Leone. Golden Star is earning a 51% interest by focusing on the gold aspect of the venture whilst Mano will concentrate on the diamond potential of the properties. Work on the licences initially defined a 3km long by 0.3km wide gold anomaly and identified drill targets within a high grade gold-bearing stock work vein system beneath the anomaly, with a best trench intersection of 7.3m @ 7.4g/t. Mano, which holds 50% of the diamond aspect of the venture, has announced that reconnaissance work has confirmed the presence of commercial sized diamonds and kimberlite indicator minerals on the joint venture licence package. Five macro diamonds, weighing a total of 0.841 carats, were recovered from an initial single stream sample. As part of the due process, under the Sierra Leone Mines and Mineral Decree, GPMC (through a subsidiary) has applied to extend the period of the licence for Lake Sonfon. GPMC is currently engaged in this process and expects to complete this administrative process in due course. * Exploration activities underway on Madagascan gold project. GPMC holds 87.5% of a gold prospect consisting of three contiguous exploration licences, 243.7 sq. km., on the east coast of Madagascar. Numerous small old workings and mines, for gold and silver, occur on the licence area, while there are also copper showings in the area. Soil geochemical sampling and surface geology mapping exercises are progressing. Nathan Steinberg, Finance Director, commented, "We welcome the merger with Palladex and look forward to a successful, progressive and enduring vehicle. Palladex is an excellent choice of partner as it has exploration, drilling and associated equipment, cash and technical services assets as well as the prerequisite quality management. The aim of the merger is to enable Ambrian Capital to monetise its mining and exploration assets and provide capital to further develop them. We also believe the deal will establish a portfolio of assets with the potential for economic development, thus enhancing shareholder value." For further information, please contact: Nathan Steinberg Terry Ward Finance Director Director Ambrian Capital plc Ethiopian Resources Limited Tel: +44 (0)20 845 7500 Tel: +44 (0)7989 571 576 Email: mail@ambrian.com Email: twardafl@yahoo.co.uk Roger Clegg Cathy Malins / Annabel Leather Vice President Corporate Finance PR Advisers Ambrian Partners Limited Parkgreen Communications Tel: +44 (0)20 7776 6414 Tel: +44 (0)20 7493 3713 Email: roger.clegg@ambrian.com Email: cathy.malins@parkgreenmedia.com Addendum Golden Prospect Mining Company Limited (Bermuda) ('GPMC' or the 'Company') holds the following mining and exploration assets: * a 51% interest and management of a platinum and gold mining operation and 100% of several exploration licences for gold and platinum in Ethiopia; * an 87.5% interest in a gold project in Madagascar; and . * exploration projects, through joint ventures, for platinum, gold and diamonds in Sierra Leone. Ethiopia The geological potential of Ethiopia's greenstone belts is well known. However, it is only in the last few years that the political and legislative framework has become attractive enough to deliver this potential. As such, GPMC has targeted this country as one of its priorities in developing mining projects and is in the vanguard of the growing interest in exploration and mining activities in the country. Currently, GPMC holds mining and exploration licences in the Yubdo area, Welega Region, of western Ethiopia, some 550 kms west of the capital Addis Ababa. Yubdo Platinum Mine In late 2004, GPMC acquired a 51% managing interest in the Yubdo Platinum and Gold Development Private Limited Company (YPGDC), which operates a small scale platinum mine. Ato Benti Tasissa, who held three small scale mining licences at Yubdo, holds 47% of the company and Dr. Kebede Hailu holds 2%. The licences were transferred to the YPGDC in May 2005. In return for this interest, GPMC was committed to spend #400,000, up to April 2008, to develop and expand the operations, improve the assessment of the resources and upgrade the simple processing plant. The Yubdo platinum/gold ore body is located in the Yubdo mafic-ultramafic complex, which is 9km long, 4-5km wide and strikes in a NNE-SSW direction. The Yubdo/Daleti/Tulu Dimtu ultramafic belt is considered a part of an ophahiolite sequence in the metamorphic rocks of the Arabian-Nubian Shield. The occurrence of placer and elluvial platinum and gold mineralisation has been known since ancient times. The three mining licences held by the YPGDC cover an area of 27.3 sq. km. and include the sites of previous mining activities, carried out by various British, Italian and Ethiopian groups in the period 1926 to 1941. An estimated 85,000 ounces of platinum were extracted from the area in this period, through simple water washing surface workings. The licences cover approximately 80% of the presently known surface expression of the deposit. The upper section of the ore body consists of clays, rubble and fine highly weathered material, at a depth of 6 to 15 metres, which extends over a surface area of approximately 5km by 1.5 km, containing gravity recoverable platinum and gold. GPMC believes that the deposit is weathered in situ, therefore it is likely that it extends at depth. Eight boreholes have indicated that the oxidised layer extends down to a depth of 40 metres and the presence of disseminated platinum group elements. Unfortunately, no records exist of any assays being undertaken on the borehole samples. The mining and processing operations at present are small scale, using a washing trommel and a gravity sluicing system to recover a platinum and gold concentrate. GBM Minerals Engineering Consultants Limited assisted with an upgrade of the very basic processing operations. As part of its capital commitment, GMPC has ordered mining equipment, mobile equipment, pumps and processing equipment, which is expected to raise output to the 1,000 ounce level in the interim. A pilot gravity recovery plant, which consists of a high intensity washing unit, multi-stage trammel, Knelson concentrator and Gemini table, at a cost of US$200,000, is under construction in South Africa. This equipment will allow the project to become self sufficient from a cash flow perspective sustaining the cost of the further resource definition, the exploration activities and metallurgical test work in advance of the expansion of operations to a large scale low grade open pit operation. The company intends to initiate a drilling programme later this operational year to further investigate the structure and grade of the underlying formation. The most definitive resource potential estimations of the oxidised material were carried out in two mainly separate areas by Nippon Mining, north/central, in 1971 and Russian consultants to the Ethiopian Mineral Resources Development Corporation (EMRDC), southern, between 1973 to 1976 (Nippon Mining Co 1972 and EMRDC 1984 Reports in the Department of Mines). Nippon Mining estimated a resource of 388,000 ounces of platinum (35.9mt (27 million cubic metres) at a grade of 0.336g/t Pt), in approximately one third of the deposit, through whole rock sampling and conventional assays. EMRDC estimated resources, under the Russian P1 & P2 classification, of 70,000 ounces of platinum (22.4 million cubic metres at a grade of 0.11 g/cum Pt), in another third of the deposit. However, the EMRDC admitted that their procedures resulted in very poor repeatability and it was concluded that platinum recovery by these methods was very low, due to the presence of very fine particles which are not amenable to recovery by panning. Channel samples from the face of the main pit showed an average grade of 0.32 g/cu metre platinum. GPMC completed the first stage of the resource evaluation exercise, comprising 30 pits dug to the depth of the surface layer, in early 2006. The sampling programme was undertaken on a 60m by 60m grid, in the EMRDC estimation area, incorporating whole rock sampling and conventional assay. It indicated an average grade of 0.55g/t, which is a greater than 7 times increase over the original estimation. Grades of up to 1.8g/t of platinum were indicated in several sections. This result, if applicable over all the EMRDC area, would indicate a preliminary potential of around 900,000 ounces of platinum for the areas covered by the Nippon Mining and EMRDC sampling programmes. The deposit is open on strike and width, plus the potential beneath the surface layer has not been investigated, although quartz stock work was observed in the bottom of some of the exploration pits. Exploration Properties The exploration properties (100% GPMC) are: Yubdo Exploration Licence 535.6 sq km Tulu Kapi Exploration Licence 20.0 sq km Yubdo Extension Prospecting Licence 100.4 sq km Tulu Dimtu Exploration Licence 137.0 sq km Tulu Dimtu Extension Prospecting Licence 241.0 sq km Initial reconnaissance exploration activities have been completed on the Yubdo, Yubdo Extension, Tulu Dimtu and Tulu Dimtu Extension Licences. ACA Howe (UK) has reviewed the results and has given input into the formation of the next stage of the exploration programmes. A diamond drilling programme has been completed recently on a gold anomaly at Tulu Kapi, which lies approximately 20km north east of Yubdo. The Yubdo and Tulu Dimtu, 65km north east of Yubdo, Extension Prospecting Licences were acquired in 2005 to cover extensions of gold and platinum and gold mineralisation occurrences recognised on the boundaries of the Yubdo and Tulu Dimtu Licences Recent exploration and initial resource sampling on extensions of the Yubdo ore body on the Yubdo Exploration Licence show clays, rubble and fine highly weathered material, with profile thicknesses and the presence of platinum and gold similar to the main body. Three areas, Gudgi/Keley, Kumto and Guliso, in the north of the licence show gold mineralisation in several places. These areas are close to the Tulu Kapi Licence area. Gudji is located 3km NW of Tulu Kapi. A soil anomaly, 1.2km long and 200m wide, with values up to 200ppb Au, covering a series of quartz veins in ferruginised schists, has been delineated by GMPC. Rock chip samples showed grades of up to 7 g/t Au. The UN Mineral Survey obtained a grade of 2.5 g/t Au over 15 metres in a drill hole in the 1970's. Kumto is situated south of Gudgi and close to the western border of the Tulu Kapi Licence. A 1km by 1km soil anomaly, with values up to 400ppb Au, covers several quartz veins, (widths up to 20 metres). Rock chip samples showed grades of up to 7.7 g/t Au. The UNDP obtained a grade of 2.07g/t Au over 13m, of massive sulphides with copper, in 1971. A 3km exposure of quartz veins south of Guliso, 10km NW of Tulu Kapi, was mined during the 1920's to 1930's by an Italian group. The UNDP, in the late 1960s, conducted systematic geological mapping, geochemical prospecting, trenching and geophysical investigation, with three diamond drill holes at Tulu Kapi, (UNDP Report 1971). These programmes indicated several surface gold anomalies and gold mineralisation in the trenches, while the drilling intersected significant gold and silver mineralisation, with sulphides (mainly pyrite) associated with hydrothermal alteration within alkali syenite. Tan Range Exploration also carried out mapping, soil geochemistry, trenching, geotechnical and diamond drilling activities in the area in the late 1990's. A zone of gold anomalies, 50 to 400 metres wide and about 1.3 km long, was identified and visible gold was found in quartz floats in a 50 metre long trench. Reported anomalous results from the drilling are as follows: TKDD 1 3.0m @ 2.2 g/t Au Depth 45 to 48m 1.0m @ 2.9 g/t Au Depth 50 to 51m 2.0m @ 3.3 g/t Au Depth 63 to 65m TKDD 2 4.0m @ 2.5 g/t Au Depth 4 to 8m (2.0m @ 4.8 g/t Au Depth 6 to 8m) Fine grain gold identified in section 19.6 to 20m 2m @ 4.4 g/t Au Depth 21 to 23m 1m @ 5.0 g/t Au Depth 25 to 26m TKDD 3 13m @ 1.0 g/t Au Depth 5 to 18m (1m @ 3.5 g/t Au Depth 12 to 13m) (1m @ 7.1 g/t Au Depth 15 to 16m) (Repeat assay gave 137 g/t) TKDD 4 5m @ 1.4 g/t Au Depth 48 to 53m (1.3m @ 3.0 g/t Au Depth 48.7 to 50m) 0.7m @ 12.5 g/t Au Depth 103.7 to 104.4m TKDD 5 1m @ 7.7 g/t Au Depth 22 to 23m 2.4m @ 3.1 g/t Au Depth 34 to 37.6m (With additional structural analysis undertaken recently, GPMC believes that the Tan Range holes were not orientated in the most advantageous direction and some holes were drilled down dip, thus not intersecting the mineralised structures). Tan Range commented in an internal report that silicification of the syenite was observed commonly in all the holes drilled in the gold soil anomaly area, with development of secondary quartz along the fractures. The alteration was related closely with sulphide mineralisation, mainly pyrite. It also commented, after the conclusion of its work on the Tulu Kapi Licence, that the first phase of drilling has intersected a mineralised stock work within an intrusive syenite and that, due to the nature of the mineralisation, Tulu Kapi represents a potential large open pittable target. GPMC has carried out detailed additional mapping, soil geochemistry, structural analysis and is completing an eight hole diamond drilling programme. A major sigmoidal structure has been identified over 1 km with an apparent width of 150 to 200 metres, which contains two wide series of quartz veins. The drill programme is designed to examine the first flexure in the southern section of the sigmoidal structure. The first four holes of the programme intersected mineralised sections, with carbonate and quartz veinlets, associated with bands of, and disseminated, sulphides, mainly pyrite. Patches of sulphide mineralisation were observed in the core between the intersections. Assaying is underway in the SGS Laboratory, South Africa. The Yubdo Extension Prospecting Licence was taken up to cover the extensions of the gold bearing structures in the Gudgi and Guliso areas. Initial work to date has been geological mapping and soil geochemistry sampling. The Tulu Dimtu and Tulu Dimtu Extension Licences cover three ultra-mafic intrusions which lie on the extensive Ultra-mafic belt in western Ethiopia. Initial geological mapping, wide spaced geochemical soil sampling, stream sampling and topography programmes have been carried out to date. The presence of fine grained platinum and gold has been detected in several streams. Sierra Leone GPMC is currently involved in two exploration projects in Sierra Leone: - Lake Sonfon - joint ventured with Mano River Resources Inc and Golden Star Resources Ltd; and - York Platinum - joint ventured with Jubilee Platinum plc: As part of the due process, under the Sierra Leone Mines and Mineral Decree, GPMC (through a subsidiary) has applied to extend the period of the licenses for both the Lake Sonfon and York Platinum projects. GPMC is currently engaged in this process and expects to complete this administrative process in due course Lake Sonfon The Lake Sonfon exploration area is located on the northern end of the Archean Greenstone belt of the Sula Mountains, North West Province, an established and extensive gold province. Mano River Resources Inc. holds the contiguous property situated on the eastern and southern boundaries of GPMC's subsidiary property. The Company entered into a 50/50 Joint Venture Agreement with Mano River Resources Inc. on the two properties, with Mano River as the operator exploring for diamonds. The two companies subsequently entered into a joint venture with Golden Star Resources Ltd. ("Golden Star"), a Toronto Stock Exchange listed company, whereby Golden Star could earn a 51% interest in the two properties exploring for gold and be the operator. The two contiguous properties have a total area of 256 square kilometres. The Sonfon district is one of Sierra Leone's richest and most prolific historic gold fields. Work on the Sonfon Licences, by Golden Prospect and Mano, initially defined a 3km long by 0.3km wide gold anomaly and identified drill targets within a high grade gold-bearing stock work vein system beneath the anomaly, with a best trench intersection of 7.3m @ 7.4g/t. Further work by Golden Star has shown significant regolith anomalies (>160 ppb Au, with high values up to 9,963 ppb Au) occurring in a parallel structure, in close proximity to the first structure, which extends over a 10km strike length. The majority of the regolith in this area is considered to have formed in situ and it is expected that bedrock mineralisation may incur in close proximity to the surficial gold anomalies. This is further supported by the strongly anomalous rock-chip samples (three samples contained 2.25, 2.67 and 7.05 g/t Au), which have been taken in close proximity to the gold-in-soil anomalies. Mano River announced in June 2004 that reconnaissance work has confirmed the presence of diamonds and kimberlite indicator minerals on the joint venture licence package. Five macro diamonds, weighing a total of 0.841 carats, were recovered from an initial single stream sample. All of the diamonds were recovered in the coarse size fraction, with two being over 4mm in size. One diamond is classified as a clear white octahedral gemstone weighing 0.315 carats. Two other diamonds are also classified as white stones and a further two are described as brown in colour. The brown stones are characterised by internal cleavages and inclusions, which imply that they might not have been subjected to significant transport. A reconnaissance stream sampling programme of some 58 samples was undertaken. Three samples yielded kimberlitic chrome spinels and a further three yielded kimberlitic ilmenite. The spinels were submitted for microprobe analysis, the results of which indicate that they have compositions that plot within the World Diamond Inclusion Field (as defined by Fipke et. Al. 1995). The recovery of these indicator minerals suggest that kimberlites may be present within the licences and, furthermore, the chemistry of the chrome spinels, coupled with the proximity of the five macro diamonds, implies that any kimberlites are likely to be diamond bearing. York Platinum GMPC's subsidiary has a 105.3 square kilometre platinum exploration property located around the village of York, some 37 kilometres south of Freetown, on the Freetown Peninsula in the Western Area of Sierra Leone. GPMC entered into a Joint Venture Agreement with Jubilee Platinum plc, an AIM listed company, with GPMC having 50% and Jubilee Platinum 50% and operator basis. GPMC elected to fund the next stage of exploration, which increased its share to 80%, with Jubilee Platinum remaining as operator. The property covers the central section of the Freetown Layered Gabbro Complex, an area with a history of artisinal platinum production. The Complex is a layered sequence of gabbroic and troctolite rocks with some of the cyclical units having anomalous platinum, palladium, chromium, vanadium, nickel and copper mineralisation. Previous exploration, carried out by Golden Prospect and others, in the 1990s, showed values of up to 0.57 g/t platinum, with one repeat assay up to 0.84 g/t, and palladium values up to 0.12 g/t in weathered bedrock. GPMC's work traced this mineralisation over a strike length of 5.2km and noted that the mineralisation occurred commonly, but not always, in more resistant cyclical units of pyroxene troctolites, which outcrop at surface in the form of raised ridges. Polished sections of rocks studied previously have shown sulphide mineralisation, especially chalcopyrite, phyrrhotite and minor pentlandite, with associated ilmenite and magnetite. The primary platinum mineral is generally cooperite, a mineral found commonly in the Merensky platinum bearing reefs of the Bushveld Complex in South Africa. The joint venture has completed phase one of a geological reconnaissance programme on the property. Overall, the results indicate a 3.2km extension of the previously identified 2m wide platinum/palladium mineralised reef like horizon, from 5.2km to 8.5km in length along strike, and have discovered a parallel reef horizon of mineralisation 1.2km in length along strike. The programme comprised geological reconnaissance, ground magnetometry traversing and soil sampling, trenching/pitting and stream sediment sampling, with the primary objective of extending the strike length of a known mineralised platinum bearing reef like horizon. Significant results were: * Raised ridges associated with the previously identified mineralisation can be traced over a strike length of 8.5km; and * A new trench yielded up to 0.44 g/t Platinum in highly weathered, laterised rock, while soils showed anomalous values up to 0.35 g/t Platinum; and * A second parallel belt of mineralisation, 2km to the east of the main belt around Monomo, has been discovered and traced over a strike length of 1.2km and remains open ended. Madagascar GPMC holds an 87.5% interest in Madagascar Gold and Stones SARL ("MGS") which holds three contiguous gold exploration licences over 243.7 sq. km., on the east coast of Madagascar. Larchwood Minerals Sarl holds 12.5 %. Numerous small old workings and mines, for gold and silver, occur on the licence area, while there are also copper showings in the area. Soil geochemical sampling and surface geology mapping exercises are progressing. Future programmes will be structured around the results of the present activities. This information is provided by RNS The company news service from the London Stock Exchange END AGRAKBKNFBDDADB
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