Shareholder Letter

 

TIDMDWY 
 
RNS Number : 5433W 
Dwyka Resources Limited 
30 July 2009 
 

 
 
Dwyka Resources Limited ('Dwyka' or the 'Company') 
 
 
Shareholder Letter 
 
 
The Directors of Dwyka Resources Limited ('Dwyka' or the 'Company') advise that 
the attached CEO's update letter was posted to shareholders today. 
 
 
For further information please contact: 
 
 
Melissa Sturgess 
 ([phone] or [e-mail] 
Dwyka Resources Limited 
 
 
Richard Brown ([phone] 
Ambrian Partners Limited 
 
 
Press Enquiries 
Charlie Geller/Leesa Peters ([phone] or ([phone] 
Conduit PR 
 
 
or visit http://www.dwyresources.com 
 
 
 
 
30 July 2009 
 
 
 
 
Dear Shareholder 
 
 
Firstly, my apologies for the length of time that has passed since I last wrote 
to you. I hope that you have kept up to date via the announcements over the past 
few months since we launched the takeover offer for Minerva Resources plc 
("Minerva"). Unfortunately during that time we were unable to communicate as 
freely with shareholders as we would have liked due to the various UK rules 
governing takeovers. 
 
 
As at 28 July, Dwyka had valid acceptances from Minerva shareholders 
representing 87.72% of the shares in Minerva, we have replaced the Board of 
Minerva with our own directors, we have taken management control of the company 
and the projects and Minerva has been delisted from the AIM market of the London 
Stock Exchange. 
 
 
Following is a short briefing on the Minerva Projects and the rationale for our 
decision to bid for the company, plus an update on our other activities. 
 
1.   Minerva's Projects 
 
Minerva has been working for some years on a gold exploration project in 
Ethiopia, approximately 500km west of the capital, Addis Ababa. 
 
 
Our view is that Ethiopia is a safe country and is welcoming towards foreign 
investors. The government of Ethiopia is keen to encourage investors and our 
experience is that it makes its government and minerals department executives 
readily available for meetings. There are various tax breaks and incentives for 
investment. We believe that Ethiopia will increasingly become a place in which 
foreign companies do business. 
 
 
Minerva had completed a total of 34 drill holes on its gold projects before we 
took control. The benefit of this work is that we can immediately move to having 
it independently interpreted and technically verified with a view to commencing 
further drilling in anticipation of moving towards a mining scenario, as well as 
working towards expanding the size of the orebody. Over the next couple of 
months we aim to: 
 
 
  1.  Have external consultants complete the technical interpretation of the work done 
  to date 
  2.  Receive a report from Johannesburg based independent experts which will assist 
  us to determine the next phase of the work programme 
  3.  Complete some trenching work in the field, near to the previously completed 
  drilling, which will also assist us to determine the next phase of the work 
  programme. 
 
Our overall objective is to drill enough holes to delineate 1 million ounces of 
gold and commence a feasibility study with a view to starting mining. We believe 
the project has far more upside potential than just 1 million ounces and this 
will be pursued alongside the desire to get into mining. 
 
2.   Muremera Nickel Project 
 
Since I last wrote in April drilling has commenced at Muremera. We expect to be 
able to update you on progress there in the coming weeks. 
 
3.   SwaziGold Project 
 
We are now in detailed discussions with our partners on this project to take it 
to the next stage and will keep you updated with developments. 
 
As always, please don't hesitate to contact me on [e-mail] if 
you have comments or queries. 
 
 
With warm regards. 
 
 
Yours sincerely, 
 
 
Melissa Sturgess 
CEO 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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