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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Archipelago Res | LSE:AR. | London | Ordinary Share | GB0033551721 | 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% | 57.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3870A Archipelago Resources PLC 17 July 2007 ARCHIPELAGO RESOURCES PLC JULY 17, 2007 AGM RESULT AND STATEMENT ARCHIPELAGO EXPECTS TO BE GRANTED LICENCE OVER OLD VIETNAM "GOLD RUSH" MINE IN NEXT FEW WEEKS * Pac Lang Vein Deposit Considered To Have Potential To Support Larger Operation * Planning First Evaluation Of Area Using Modern Exploration Methods * Company To Open Local Office To Manage The Project The board of Archipelago Resources (AIM: AR.) announces that at the Annual General Meeting held earlier today all resolutions were duly passed. Movement is being seen in Vietnam by Archipelago Resources towards the granting of an exploration licence over Pac Lang, an old French goldmine, 160km NNE of Hanoi, which became the site of a major gold rush in 1990-91 following the discovery of high grade ore. Archipelago's chief executive Mr. Colin Loosemore told the annual meeting in London today that the Local Government at Pac Lang had been very helpful and co-operative. "With this enthusiastic support we believe the Central Government will issue a licence within weeks". Pac Lang, he added, would become the first approved exploration licence for the company in Vietnam and is considered to have the potential to support a mining operation. The company, which is earning a 65p.c. interest in the JV with the Vietnamese government by spending US$1.24m over two years, is opening an office in the Ngan Son district of the Bac Kan province and will be employing a team of local people and skills. Mining activities at Pac Lang since the 1990s have been small scale, and the area has never being evaluated by modern exploration technology and methods. "We are keen to start exploration as quickly as possible over this very prospective old gold mine", explained Mr. Loosemore. Archipelago has identified 15 mineralised quartz veins up to 2m wide with a combined outcrop and inferred strike length of 3.3km. Historic sampling assayed between 0.4g/t and 49g/t gold. TOKA TINDUNG GOLD PROJECT - ENVIRONMENTAL APPROVAL NEARS Referring to Archipelago's main development project at Toka Tindung, in Indonesia, targeted as becoming a 160,000 oz/year producer, Mr. Loosemore said he remained very confident that he would see official environmental approval from the government "by the end of next month". Lower operating costs and a higher gold price have had a major impact on economics of the project which the company expects to bring into production in the second quarter of 2008. Mr. Loosemore also welcomed Baker Steel Capital Managers, the London institutional investor and its clients, to the shareholder list following last week's #2.49m placement. Further Info: Colin Loosemore, Chief Executive, Archipelago Resources Plc. Tel: 00-618-9364-8301 Richard Chase, Ambrian Partners Ltd. Tel: 020-7776-6401 Fiona Kindness, Grant Thornton Corporate Finance. Tel: 020-7385-5100 Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: 020-7628-5518 http://www.archipelagoresources.co.uk/ This information is provided by RNS The company news service from the London Stock Exchange END AGMOKOKKQBKDKOD
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