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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 |
TIDMAR. RNS Number : 7394H Archipelago Resources PLC 01 March 2010 ANNOUNCEMENT ARCHIPELAGO RESOURCES PLC EXPIRY of BANK MANDATE following EQUITY RAISING for TOKA TINDUNG GOLD PROJECT Archipelago Resources Plc ("Archipelago" or "the Company") advises that the mandate entered into with a group of prospective loan providers as announced on 5th January 2010, expired on 28th February thereby releasing the Company from any obligations to proceed with the proposed facility including hedging by way of the purchase of expensive put options. On 26th February 2010 the Company announced the completion of a successful placing to shareholders and institutional investors, raising equity funding of GBP30m towards the cost of construction of the Company's 85% owned Toka Tindung Gold Project in North Sulawesi, Indonesia, together with plans for raising the balance of the construction costs in due course. The Company remains debt free and as a result of the equity raising is in a strong position going forward. The Toka Tindung Gold Project has a resource of 1.75M ozs of gold equivalent, of which at least 1.1M ozs will initially be mineable by open pit. When in operation, the Project will produce at an average annualised production rate of 160,000 ounces of gold equivalent per annum for at least 6 years together with an additional 2 years processing lower grade stockpiles. The Company's pits are currently designed at a very conservative US$600/oz gold price and as a result the Company is confident that with further exploration and sustained gold prices it will be able to substantially extend the life of the Project. Archipelago is a mining company listed on the AIM market of the London Stock Exchange. The Company's principal activities are gold mining and exploration in Indonesia (as 85% owner of the Toka Tindung Gold Project in Sulawesi), Vietnam (as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint ventures with VINACOMIN a Vietnamese Government mining company) and the Philippines (as option holder over a 100% interest in the Corplex tenements). Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc. Tel: 00-618-9364-8301 Shaun Whyte / Richard Swindells, Ambrian Partners Ltd Tel: 020-7634-4700 Ron Marshman / John Greenhalgh, Lothbury Financial Tel: 020-7011-9411 Gerry Beaney / Fiona Kindness, Grant Thornton Corporate Finance Tel: 020 7383 5100 www.archipelagoresources.com.au This information is provided by RNS The company news service from the London Stock Exchange END MSCKKADPCBKKOBB
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