KIG Mining Plc.
KIG Mining Plc:Completion of a contract / take over of diamond project
KIG Mining Plc / Mergers & Acquisitions Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Toronto, Canada and Johannesburg, South Africa --July 10, 2009 - KIG Mining, Plc. ('KIG')(FWB - '5KM') announces that it has entered into a Heads of Agreement (the 'Agreement') with KIG Mining Plc ('KIG') pursuant to which KIG has agreed to purchase BRC DiamondCore Ltd.'s ('BRC') alluvial diamond projects in South Africa, consisting of the Silverstreams, De Kalk, Muishoek, Sanddrift and Uitdraal projects, together with the processing plant, mining fleet and equipment which are associated with these projects. These assets (the 'Purchased Assets') are held by BRC through South African subsidiaries of BRC, Diamond Core Resources (Pty) Ltd. The purchase price for the Purchased Assets set out in the Agreement is US$10.7 million will be paid part in cash and part in shares in KIG Mining Plc. KIG is a publicly-traded gold and diamond exploration company (symbol: 5KM on the Frankfurt Exchange) with properties in Liberia, West Africa. KIG's head office is in the United Kingdom. KIG intends to resume operations at the Silverstreams project, utilizing staff previously employed at this operation, and a plan for the transition of the project into production will be assisted by BRC over the next two to four weeks. KIG will be responsible for providing the working capital to resume such operations. About BRC: BRC DiamondCore Ltd. is an African-focused diamond explorer active in South Africa and the Democratic Republic of the Congo. The Company has a broad spectrum of projects ranging from advanced stage trial mining operations through grass-roots exploration. KIG MINING PLC Thames House, Portsmouth Road Esher, Surrey KT10 9AD United Kingdom Contact: Mr. Vicken Kaprelian (CEO) Tel: +44 (079) 3713 333 Fax: +27 866 706 978 Email: ir@kigmining.com About KIG Mining Plc. KIG Mining Plc is a public company, registered under the laws of the United Kingdom. The southern African operations are managed from the KIG Mining offices in Pretoria, South Africa with field offices near the relevant mining sites. The company's business is focused on gold and diamond mining and has been active in various concession areas in West Africa. Since 2008, the company started moving interest to southern Africa and has been investigating several opportunities in the sub-continent. During the first quarter of 2009 it was ultimately decided by KIG Mining Plc's board of directors to move the focal point to southern Africa in order to benefit from a higher mineral deposit, proven quality and minimised risk. First properties have been acquired on the Orange River, downstream from the legendary Kimberley region in South Africa, known for its proven high quality gem diamonds. Progressive negotiations are on track regarding the acquisition of rich gold deposits in eastern South Africa as well as an operation on kimberlitic pipes in Botswana. Various other alluvial and kimberlitic deposits are also under consideration. With the current acquisitions, KIG Mining Plc is foreseeing a highly lucrative long term business growth in this historically proven mineral rich region. KIG MINING PLC Thames House, Portsmouth Road Esher, Surrey KT10 9AD United Kingdom Contact: Mr. Vicken Kaprelian (CEO) Tel: +44 (079) 3713 333 Fax: +27 866 706 978 Email: ir@kigmining.com 10.07.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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