Anglo-African Minerals plc
Anglo-African Minerals plc: Toubal Bauxite, Rep. of Guinea
Anglo-African Minerals plc / Key word(s): Corporate Action/Miscellaneous 20.05.2011 / 18:42 Company: Anglo-African Minerals plc Symbol: FSE: AMQ, ISIN: IE00B66ML191 WKN A0N9YH Release Date: 20 May 2011 Anglo-African Minerals Plc - Toubal Bauxite The Directors of Anglo-African Minerals plc (FSE: AMQ) the special situations mining investment company are pleased to announce a number of developments since the Company acquired its 62% interest in Toubal Group Limited (Toubal), which owns all of the issued shares of Tougué Bauxite and Aluminium Corporation S A (TBAL), a Guinean company. TBAL owns a bauxite exploration licence covering 1,500 km2 close to the town of Tougué. Previous Alusuisse exploration and recent work indicated 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%. Under the terms of the Toubal shareholder's agreement, the Company has to spend US$2m (EUR1.4m) on developing TBAL. To that end the Company has raised secured debt finance of up to EUR1.25 million which has been largely drawn to finance confirmatory drilling and test work on the TBAL licence with a view to upgrading the historic resource data to acceptable western standards (e.g. JORC). Security over a proportion of the Company's Toubal shares has been provided to the lenders. These borrowings will be either repaid upon the listing of Toubal or converted into ordinary Company shares at the lenders' option. In parallel to upgrading TBAL's resource through the Company's expenditure, Toubal, together with the Company, is actively looking at funding options to complete a full feasibility study for the development of the mine and processing plant. One such option includes the IPO of Toubal and the directors are well advanced in their discussions with the appropriate professional advisers. Mr Michael Smith, Chairman, said 'I am delighted with the encouraging progress being made on the ground in Guinea.' Contact: Mr Michael Smith - Chairman of Anglo-African Minerals plc Tel: +44 20 73185383 End of Corporate News --------------------------------------------------------------------- 20.05.2011 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 --------------------------------------------------------------------- 125706 20.05.2011
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