2008 Annual report and Accounts

 
TIDMMVA 
 
AIM 
Release 
                             27 April 2009 
 
 
                   Minerva Resources Plc (AIM:MVA) 
               ('Minerva Resources' or 'the Company') 
 
                         2008 Annual Report 
 
Minerva Resources announces that a further delay in the completion of 
the audited report and accounts for the year ended 30 September 2008 
(the 'Accounts') has occurred. The Accounts were not published by the 
end of March 2009, as required under the AIM rules.  A number of 
delays to the completion of the Accounts have been encountered: 
firstly, due to the preparation requirements for the initiation of 
the Company Voluntary Arrangement (CVA) and the clarification of the 
Creditors' positions in the CVA; secondly, due to several technical 
issues requiring clarification with the auditors. It is now expected 
that the Accounts will be completed towards the end of May 2009 
following completion of the audit, and the AGM is now expected to be 
held toward the end of June 2009. 
 
The Company's shares were suspended from trading on the AIM market on 
30 January 2009, at the request of the Company, pending clarification 
of its ongoing financial position. The Company expects that the 
formal stage of the CVA will be implemented in the near future. 
 
 
For further information please contact: 
 
Terry Ward 
Minerva Resources plc 
Tel: [phone] 
E-mail: [e-mail] 
           [e-mail] 
Web: www.minervaresources.com 
 
 
James Joyce / Sarang Shah 
W. H. Ireland 
Tel: [phone] 
[e-mail] 
 
Nick Rome 
Bishopgate Communications Ltd 
Tel: [phone] 
E-mail: [e-mail] 
 
 
Notes to Editors 
 
Minerva Resources plc is a UK based mineral exploration and 
development company quoted on London's Alternative Investment Market 
(AIM:MVA). The Company is intent on delivering shareholder value by 
increasing and developing its mineral resources in a socially and 
environmentally responsible manner. 
 
The main focus is resource development in Ethiopia where the Company 
has first-mover advantage on prospective ground on the Arabian-Nubian 
shield. Key projects include the gold resources at the Tulu Kapi 
Project, plus the Gudeya-Guji, Guji and Dina Prospects and the Yubdo 
Platinum Mine, located in western Ethiopia, some 560km west of Addis 
Ababa. 
 
Tulu Kapi was mined in the 1930s by an Italian company. In the 1970s, 
the United Nations Development Programme mapped and drilled Tulu 
Kapi. Tan Range Exploration carried out soil sampling, further 
mapping and drilling in the 1990s. These two phases of work confirmed 
mineralisation extending over a strike length of 1.5km. 
 
Minerva Resources has completed 33 diamond drill holes to date, at 
Tulu Kapi, on its resource drilling programme on a 600m section, 
after encouraging Minerva Resources ground mapping, data 
reinterpretation and excellent scout drilling results. 
 
Scout drilling programmes have been completed at the Gudeya-Guji, 
Guji and Dina gold prospects, which are located in close proximity to 
Tulu Kapi. The drilling has shown mineralised intersections on all 
three prospects. 
 
The results from the drilling on Tulu Kapi, which are shown in the 
latest drilling report announcement on the Company's website, 
www.minervaresources.com, and the satellite prospects and their close 
proximity point towards a new gold province with the potential for 
the establishment of a 'one treatment plant - multiple feed 
scenario'. 
 
The Company is examining the potential to expand the small scale 
platinum production operations at Yubdo, some 25km from the Tulu Kapi 
Project. A pilot gravity recovery plant has been installed, a 
metallurgical research programme has been initiated and further 
exploration activities have commenced on the 9km by 1.5km surface 
expression of the orebody. 
 
In Sierra Leone, the Company holds gold, platinum and diamond 
exploration licences, which will for the most part continue to be 
developed by existing Joint Venture partners. 
 
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