Anglo-African Minerals plc
Anglo-African Minerals plc: Completes the acquisition of a 62% interest in 1 billion tonne Bauxite resource in Guinea
Anglo-African Minerals plc / Key word(s): Acquisition/Corporate Action Anglo-African Minerals plc: Completes the acquisition of a 62% interest in 1 billion tonne Bauxite resource in Guinea 06.12.2010 / 18:29 Company: Anglo-African Minerals plc Symbol: FSE: AMQ, ISIN: IE00B66ML191 WKN A0N9YH Release Date: 6 December 2010 Anglo-African Minerals Plc completes the acquisition of a 62% interest in 1 billion tonne Bauxite resource in Guinea The Directors of Anglo-African Minerals plc (FSE: AMQ) the special situations mining investment company are pleased to announce that AAM has today completed the acquisition of a 62% interest in Toubal Group Limited which owns Tougu? Bauxite and Alumina Corp S A ('TOUBAL') a company incorporated in the Republic of Guinea. Toubal owns a bauxite exploration licence covering 1,500 km2 close to the town of Tougue?, which is some 85km east of Labe in central Guinea. Previous Alusuisse exploration and recent work indicates potential reserves of up to one billion tonnes of high quality bauxite. Al2O3 content ranges from 41-47% with silica content being between 1% and 4%. The permit area is some 75km north of the Trans-Guinean Railway that is slated for rehabilitation by Vale. A bankable feasibility study will include the cost of a rail spur to connect into this route and the port of Conakry. Our plan is to bring the current resource estimate up to JORC-compliant standards and then to fast-track the BFS in order to conclude a mining convention with the Guinean Government as soon as possible. To this end AAM is in negotiations with a number of consultants ands experts to start its drilling programme in January 2011. Mr Jon Harris, Chief Operating Officer of AAM and Director responsible for West African development said 'I am delighted to complete this transaction and to be in a position to take this project forward. The company will take advantage of the new political climate in Guinea to develop Toubal and liberate value not only to AAM shareholders but to all stakeholders, notably the government and people of Guinea.' Contact: Mr Michael Smith - Chairman of Anglo-African Minerals plc Tel: +44 20 73185383 Mr Jon Harris - Chief Operating Officer Tel: +4420 73185386 St Andrews Securities Harri Huuskonen - Anglo-African Minerals Broker T +44 207 718 0060 M +44 773 928 6880 End of Corporate News 06.12.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 105660 06.12.2010
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