Bisichi Regulatory News (BISI)

5 Dec 2005 14:30

5 DECEMBER 2005 BISICHI MINING PLC TEMPORARY SUSPENSION OF CONTINUOUS MINER SECTION AT BLACK WATTLE COLLIERY Bisichi Mining PLC ("Bisichi" or the "Company"), the LSE listed mininginvestment company, informs shareholders that, as of 2 December 2005,operations in the continuous miner section of the Black Wattle Colliery havetemporarily been suspended due to a mining accident.An employee was tragically killed in the continuous miner section afterentering, in contravention of mine safety procedure, an area of unsupportedroof which subsequently collapsed. This is the first fatality of a Black Wattleemployee in the history of the mine. The operation of the continuous miner hasbeen suspended by mine management as a precautionary measure, pending aninvestigation by the Company.Shareholders should note that the suspension of the continuous miner will havean impact on the Company's results for the year ending 31 December 2005, whichthe Directors previously expected to be in line with the results for the yearended 31 December 2004.Shareholders should also be aware that prior to this action, the Company wascontemplating an equity fund raising to finance further expansion in SouthAfrica. This process has temporarily been put on hold.Michael Heller, Chairman of Bisichi Mining PLC, comments:"Our first concern is for the health and safety of our employees and we sendour deepest condolences to the family of the deceased. To date, we have had anexcellent safety record at Black Wattle Colliery and are carrying out a fullinvestigation of the incident. We are also reworking our operational plan toensure that any disruption of full production at the mine will be temporary.With regard to the equity fund raising, we are confident of the manyopportunities before us and fully intend to go back to the market whenappropriate."A further announcement will be made in due course following a fullinvestigation.- END -For further information call:Tom Kearney, Commercial DirectorBisichi Mining PLC30-35 Pall Mall, London SW1Y 5LPTel +44 (0)20 7415 5030 Fax +44 (0)20 7839 5999Christopher JollMJ2 LimitedStratton House,1 Stratton Street, London W1J 8LATel: 020-7491-7776 Fax: 020-7491-7773Bruce GarrowCorporate Finance,Numis SecuritiesCheapside House, 138 Cheapside, London EC2V 6LHTel: 020 7776 1500Fax: 020 7776 1555 ENDBISICHI MINING