Armadale Capital Regulatory News (ACP)

5 Oct 2009 07:00

Watermark Global plc

("Watermark" or the "Company")

Update on Bankable Feasibility Study

Watermark, the AIM quoted Company which focuses on the treatment of Acid Mine Drainage (AMD) in South Africa, is delighted to announce that the Bankable Feasibility Study ("BFS") being conducted by its wholly owned subsidiary, Western Utilities Corporation (Pty) Ltd., is almost complete. The BFS results, which will confirm the viability of Watermark's innovative water management solutions, are now expected to be released in mid- October 2009.

WUC and its consultants are currently finalising the toxicology studies needed as part of the Environmental Impact Assessment, along with a full review of all the specialist and engineering reports. The executive team is also finalising price negotiations with preferred suppliers. Once these reviews are complete, the final BFS document is expected to be ready for release.

The Board remains confident that the necessary off-take agreement with Rand Water Board can be concluded. Discussions with the Government and Rand Water Board are ongoing and should be finalised pending results indicated in the BFS.

A consortium of investors has been identified as our Black Economic Empowerment ("BEE") partners. The Board hopes to be able to provide further information regarding negotiations with its BEE partners towards the end of October 2009.

Jaco Schoeman, CEO of Watermark, commented: "I am delighted that the finalisation of the BFS is imminent, as we expect it to confirm Watermark's investment case and take us one step closer to our commercialisation stage."

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Copyright Business Wire 2009