Weatherly International PLC Statement RE: Suspension of Shares (1107F)

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RNS Number : 1107F

Weatherly International PLC

17 February 2015

17 February 2015

Weatherly International Plc

("Weatherly" or "the Company")

Statement RE: Suspension of Shares

Weatherly announces that, in accordance with market expectations, the first copper cathode was produced from the Tschudi Project's electrowinning circuit yesterday.

Whilst copper cathode has been produced in accordance with the project schedule, there are a number of operational and technical issues relating to initial recovery of copper from the heap leach pads, which requires the Company to undertake further investigative work and evaluate these results. These are being assessed for their potential to affect the performance of the project.

The Company is in the process of investigating these issues and will also be discussing them with Orion Mine Finance, its project lender, who has a secured loan over the Tschudi Project.

Subject to the results of the investigative work, the Company will be defining a course of action, in conjunction with the Company's project lender whose consent is required under the terms of the Company's financing arrangement, and accordingly the Company's current financial position is subject to significant uncertainty.

A further announcement will be made in due course but for the reasons above the Directors have requested the suspension from trading of the shares on the AIM Market, which was effective from 13:35 on 16 February 2015. The Company's shares will remain suspended in the interim.

For further information please contact:

   Weatherly International Plc                                       [phone] 

Rod Webster, CEO

Kevin Ellis, CFO & Company Secretary

   RFC Ambrian Limited                                                     [phone] 

(Nominated Adviser & Broker)

Samantha Harrison

Finncap [phone]

(Joint Broker)

Joanna Weaving

Blytheweigh [phone]

(Financial PR)

Tim Blythe / Halimah Hussain / Megan Ray

This information is provided by RNS

The company news service from the London Stock Exchange

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