Suspension of shares

RNS Number:3626P
SubSea Resources PLC
04 March 2008


SubSea Resources PLC
('SubSea' or 'the Company')

Suspension of shares and decision to seek to secure sale of the assets and
business of the Company

SubSea is an AIM-traded company which specialises in the research, survey and
salvage of high value non-ferrous metals and other valuable cargoes from
deep-water ship-wrecks

Suspension of shares

The Board announces that it has requested the suspension of its ordinary shares
and warrants from trading on AIM pending clarification of its financial
position.

Decision to seek to secure sale of the assets and business of the Company

As noted below under "Discussions - Update", since the announcement of 27
December 2007, the Board has been in discussions with a number of parties,
including with the Company's Bondholder. Most regrettably, these discussions
have not been successful.

In the context of the current status of discussions with various parties who
have made approaches, the Company's cash position, and the covenants to its
Bondholder, the Board announces that it believes that the most appropriate
course for the Company to follow is to engage, following consultation with the
Bondholder, a sale agent to seek to secure the sale of the assets and the
business of the Company. The Board has therefore appointed Kroll as sale agent.

Background - Funding requirements

On 27 December 2007, the Company announced its Interim Results for the six
months ended 30 September 2007, upon which the Company's Independent Auditors,
reported:

"In forming our review conclusion, we have considered the adequacy of the
disclosures made in Note 1 of the financial statements concerning the ability of
the Group to continue as a going concern. In addition to the cash currently
available, the Group will require additional financing to remain operational for
the following 12 months. As set forth in Note 1 (to the Financial Statements)
and the Chairman's statement, the Directors continue to pursue a number of
potential opportunities, however should none of these opportunities prove viable
and the Group is liquidated, the sale of assets may well fail to generate
sufficient funds to settle the secured creditors.

"These conditions indicate the existence of a material uncertainty which may
cast significant doubt on the ability of the Group to continue as a going
concern. This financial statement does not include the adjustments that would
result if the Group was unable to continue as a going concern."

The Board highlighted that:

"Immediate future - the Directors are of the opinion that the Group requires
debt, equity or an alternative source of financing within the first few weeks of
Calendar 2008."

Cash as at 29 February 2008
As at 29 February 2008, cash (excluding the bond liabilities of £5.0m repayable 
in 2011) was £1.1m.

Discussions - Update
Since the announcement of 27 December 2007, the Board has been in discussions 
with a number of parties, including with the Company's Bondholder.

Discussions in January and February 2008 have particularly focussed on a bid for
a five month survey of seafloor massive sulphide deposits utilising the John
Lethbridge and its associated equipment. At the time of the announcement of 27
December 2007, the Board expected the contract "to be awarded in early 2008."

The Board now believes the contract is unlikely to be awarded to the Company. In
the context of the Company's cash position noted above, this situation has
caused the Board to decide to seek to sell the business of the Company.

A further announcement will be made in due course as appropriate.

                                                                    4 March 2008

ENQUIRIES:

SubSea Resources plc                                  Tel: + 44 (0) 20 7495 8696

Ric Piper, Chairman
Edward Cox, Chief Financial Officer

HB Corporate                                          Tel : + 44 (0) 20 7510 8600
Rod Venables

College Hill                                          Tel: + 44 (0) 20 7457 2020
Gareth David



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