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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:2192Q Archipelago Resources PLC 17 March 2008 ANNOUNCEMENT ARCHIPELAGO RESOURCES PLC GOVERNMENT APPROVAL TO DEVELOP THE TOKA TINDUNG GOLD PROJECT Archipelago Resources plc ("Archipelago" or the "Company") is pleased to advise that on 13th March 2008 the Director General of Mineral, Coal and Geothermal on behalf of the Minister of Energy & Mineral Resources in his capacity as representative of the Government of Indonesia, issued Decrees approving development of the Toka Tindung Gold Project ("Project"). These Decrees accept the operating companies revised Environmental Management Plans (AMDALs) and entitlement to re-commence construction activities under the Construction phase of the Project. The Company welcomes these approvals from the authority responsible for administration of Contracts of Work following completion of due process and confirmation of support from bona fide stakeholders. The Director General has requested that construction activities be recommenced as soon as possible to ensure an early start to production for the benefit of all stakeholders. The Company has immediately implemented plans to recommence construction activities and finalise its loan financing facility. The Lender's Engineer visited site at the beginning of March to commence the loan facility pre-drawdown review including satisfaction that renewable operating permits and licences will be forthcoming during the life of the project. The Company is seeking to increase its loan facility to meet additional costs arising from the delay to avoid or minimise the need for any additional equity raising. Hedging requirements are also being reviewed to ensure that forward sales are minimised. The strong increase in the price of gold during the period of Project delay has substantially strengthened Project economics and the Company is confident that it will achieve the above objectives thereby maximising benefit for shareholders. The Company wishes to express its thanks to shareholders and stakeholders for their patience in allowing management to work with government authorities to achieve the awaited outcome. The Managing Director will be meeting with major U.K. shareholders this week to update them on the revised development schedule which now targets completion of construction by the end of this year 2008. This forms part of a program to raise awareness and achieve a market value for shareholders commensurate with the economics 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 Richard Chase, Ambrian Partners Ltd Tel: 020-7776-6461 Ron Marshman / John Greenhalgh, City of London PR Limited Tel: 020-7628-5518 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 MSCEAXDXFLKPEEE
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