Norseman Gold PLC Company Update (3312R)

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RNS Number : 3312R

Norseman Gold PLC

16 November 2012

Norseman Gold plc / Epic: NGL / Index: AIM / Sector: Mining & Exploration

16 November 2012

Norseman Gold plc

Company Update

The directors of Norseman wish to provide an update to shareholders following the announcement of 3 October 2012 relating to the appointment of an Administrator to Norseman Gold plc's ("Norseman" or "Company") principal operating subsidiary Central Norseman Gold Corporation Limited ("CNGC"). The voluntary administrator of CNGC, Ron Dean-Willcocks of Dean-Willcocks Shepard, controls the day to day operations of CNGC and has not currently provided any information to the Company or its creditors on the current operations and performance of CNGC. The administrator is obligated to act in such a way as provides, in his opinion, the best possible return firstly to the creditors of CNGC and secondly to its members. Norseman is the largest unsecured creditor of CNGC and has been working with the Administrator to assist in his review of the operations.

Administration of CNGC

The first meeting of creditors was held on 15 October 2012. The convening period for the second meeting of creditors ended on 31 October 2012. Due to the size of the administration and the complexity of the issues involved, as resolved by creditors at the first meeting of creditors, an extension was sought and granted by the Federal Court to extend the convening period to 10 December 2012. The meeting of creditors may be held at any time up to this date or within 5 business days after 10 December 2012, being no later than 17 December 2012. The Administrator may apply to the Federal Court at any time prior to 10 December 2012 to further extend this period.

The Administrator of CNGC will be preparing a report to creditors in accordance with his obligations under the Corporations Act. Norseman will provide an update to shareholders when this report is available.

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For further information visit www.norsemangoldplc.com, email [e-mail] or contact:

David Steinepreis Norseman Gold Plc. Tel: [phone]

William Vandyk Northland Capital Partners Ltd Tel: [phone]

Guy Wilkes Ocean Equities Ltd Tel: [phone]

Susie Geliher / Hugo de Salis St Brides Media & Finance Ltd Tel: [phone]

Notes

Norseman Gold plc is an AIM and ASX listed Australian gold production company, which operates the 986 km(2) Norseman Gold Project, Australia's longest continually running gold operation. Located in the Eastern Goldfields of Western Australia in the highly prospective Norseman-Wiluna greenstone belt, the project currently has a total resource inventory of 3.4 million ounces of gold at an average grade of 4.7 g/t.

This information is provided by RNS

The company news service from the London Stock Exchange

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