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22 Sep 2008 09:32
22 September 2008
Cape Lambert Iron Ore Limited
Interim Injunction Granted
Australian iron ore company Cape Lambert Iron Ore Limited ("Cape Lambert" or the "Company") (ASX: CFE, AIM: CLIO) wishes to advise that late on Friday 19 September 2008 the Supreme Court of Western Australia granted an interim injunction restraining Cape Lambert from declaring unconditional its agreement with African Minerals Limited ("African Minerals") (AIM: AMI), to acquire a stake in the highly prospective Marampa Iron Ore Project in Sierra Leone, issuing shares to complete the acquisition or entering into any other agreement with African Minerals.
On 1 September 2008, the Company advised it had entered into an agreement with African Minerals to acquire a 30% interest in Marampa Iron Ore Limited, the holder of the Marampa Iron Ore Project in a cash/scrip deal valued at more than US$45 million. Under the terms of the agreement Cape Lambert proposes, subject to satisfaction of various conditions, to issue 44 million shares to make the 30% investment (which represents approximately 10% of its current total issued capital [9% on a fully diluted basis]) and sole fund the first US$25 million toward a definitive feasibility study on the project.
Cape Lambert has also negotiated an exclusive option to acquire the outstanding shares in Marampa Iron Ore Limited, that if exercised will deliver the Company control of the Marampa Iron Ore Project.
The injunction granted on Friday is in force until 6pm Western Standard Time on Tuesday, 23 September 2008. On Tuesday 23 September the Court will consider whether the injunction should be extended.
The Company confirms that it will keep the market fully informed of all developments in relation to this matter.
FOR MORE INFORMATION PLEASE CONTACT:
Cape Lambert Iron Ore Limited:
Tony Sage +61 (0)8 9380 9555
Australian Enquiries:
Professional Public Relations
David Tasker +61 (0)8 9388 0944/ +61 433 112 936
UK Enquiries:
Nominated Adviser:
Grant Thornton UK LLP
Fiona Owen +44 (0)20 7383 5100
AIM Broker:
Collins Stewart Europe Limited
Adrian Hadden +44 (0)20 7523 8353
Oliver Quarmby +44 (0) 20 7523 8354
Conduit PR:
Jos Simson +44 (0)20 7429 6603/+44 (0)7899 870 450
Jane Stacey +44 (0)20 7429 6606
Website: www.capelam.com.au
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