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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
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 |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5729M Palladex PLC 23 November 2006 PALLADEX PLC 23 November 2006 AIM: PLX Conditional agreement for new Palladex asset portfolio * Heads of Agreement ("HOA") signed in respect of proposed acquisition of precious metal assets in Africa from Ambrian Capital plc ("Ambrian") * Technical Services Division opened in Kyrygzstan * Drilling concluded at Aksur and Terek, Kyrgyzstan Heads of Agreement with Ambrian Capital plc Palladex plc (AIM:PLX:L) ("Palladex" or "the Company"), today announces that it has signed a HOA with Ambrian (formerly Golden Prospect PLC) and Ethiopian Resources Limited ("ERL") to acquire companies and exploration licences in Ethiopia, Sierra Leone and Madagascar in return for the issue of 50,000,000 new ordinary shares in Palladex. ERL is a private UK registered company, which imports platinum concentrate from Ambrian's Ethiopian assets. Due diligence on the assets is being completed and all parties are committed to completion of the proposed acquisition as soon as practicable. The issue of the consideration shares by Palladex will be subject to the approval of Palladex shareholders and accordingly a circular will be issued to the shareholders of Palladex at the appropriate time. An Ambrian announcement, released today, provides further technical details and is reproduced in part below. Technical Services Division In addition Palladex today announces that it has established a Technical Services Division in Kyrgyzstan through its wholly owned subsidiary Palladex Ltd. Palladex Limited currently has five drill rigs, two 18 tonne bulldozers and a range of support vehicles and equipment, as well as a proven exploration team, to provide contract drilling and geological services. The Technical Services Division is already active on two drilling contracts in Kyrgyzstan. Drilling Concluded at Aksur and Karakala, Kyrgyzstan Palladex today announces that it has stopped drilling at the Aksur and Karakala licences in Kyrgyzstan and is currently preparing year-end reports to be submitted to the Kyrgyz Geological Agency. Commenting today Merlin Marr-Johnson, CEO, said "The HOA with Ambrian will give Palladex access to a new suite of assets and regions. The principal strategy of the Company remains to establish a portfolio of properties capable of economic development, thereby enhancing shareholder value, and I look forward to making further announcements detailing our progress with the proposed acquisition in due course. In Kyrgyzstan we will derive value from our strong operating team and good relationships with suppliers by offering mining and exploration companies a reliable year-round drilling service." For further information contact: Merlin Marr-Johnson Palladex plc Tel: +44 (0)20 7629 4800 Mob: +44 (0) 7803 712 280 Email: mmj@palladex.co.uk Laurence Read/Ed Portman Conduit PR Tel: + 44(0)20 7429 6605 Mob: +44 (0) 7979955923 Email: laurence@conduitpr.com Peter Jackson/Paul Dudley W. H. Ireland Limited Tel: +44 (0)20 7220 1666 The Ambrian Capital plc announcement of 23 November 2006 is in part reproduced below: 23rd November 2006 AIM: AMBR 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." This information is provided by RNS The company news service from the London Stock Exchange END AGRBJBPTMMJTMPF
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