Acquisition & Temp Suspension
07/04/2004 4:30pm
UK Regulatory
RNS Number:4700X
Setstone PLC
07 April 2004
7 April 2004
Announcement
Setstone Plc (the "Company")
Acquisition and Temporary Suspension
The Directors of Setstone Plc announce that the Company has signed Heads of
Agreement with SHG Golden & Silver Limited ("SHG") to conditionally acquire,
subject to contract, the whole of SHG's issued share capital on terms to be
finalised following due diligence.
SHG owns mineral resources in the Republic of Kyrgyzstan.
These comprise the following:
- Two operating gold mines: Kuran Jailoo covering 41.6 hectares and in which the Kyrgyzstan government
owns 31%. Komator,the second mine is owned 100% by SHG and covers 22.5 km2.
- Tasa-Kemin Area: contains 3 further areas in which gold mining has been conducted in the past as well
as a highly prospective areas for gold, all of which covers in total 271km2 on which extensive drilling
has already been carried out.
-
Kalesai Deposit: a beryllium deposit which was utilised by the former Soviet Union and has a 28 year
mine life remaining at 350,000 tonnes per year.
- Kutessai-II Deposit, a rare earth base metals deposit.
- Processing facility with a capacity of 500,000 tons of ore annually.
In view of its size the acquisition, if it proceeds, will be subject to
shareholders' prior approval. A further announcement will be made in due course
and the Company has requested that trading in its shares on AIM be temporarily
suspended.
This information is provided by RNS
The company news service from the London Stock Exchange
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