Bos Glb Hldgs Regulatory News (BOS)

22 Aug 2006 10:39

Murchison United NL22 August 2006 ASX,AIM and media release 22nd August 2006 Group Restructure Concerning Maroochydore Copper Project The directors of Murchison United NL (ASX: MUR, AIM: MUU) are pleased toannounce that the Deed Administrators appointed to Murchison subsidiary RenisonBell Limited (Subject to Deed of Company Arrangement) have agreed subject toconditions, the transfer of that Company's interest in the Maroochydore CopperProject in Western Australia to a subsidiary of Murchison. Renison Bell Limited (Subject to Deed of Company Arrangement) prior to theappointment of Administrators owned the Renison Bell tin mine in Tasmania and a50% share in the Maroochydore Copper Project. During Administration the tin mineoperations were sold to a third party. To complete the divestment of RenisonBell assets Murchison has offered creditors (excluding Murchison) an amount ofA$170,000 and 12,500,000 fully paid ordinary shares to enable the Company'sshare of the Maroochydore Copper Project to be transferred to a new subsidiary.The deed Administrators have agreed to the proposal and will be recommending theoffer to the creditors at a meeting to be held prior to the 30th September 2006.Murchison will be eligible to vote at the creditors meeting. Based on Proof ofDebts lodged and accepted to date, Murchison accounts for 55% of the creditors'in value. Once accepted by creditors, Murchison may convene a meeting ofshareholders to approve the share issue. The Maroochydore Copper Project is subject to a joint venture with Aditya BirlaMinerals Limited (ASX:ABY) who controls 50% and is the operator. The project islocated approximately 100km southeast of their Nifty Copper mine operations and60km south southeast of the Telfer copper-gold mine. A summary of the Maroochydore Copper Project is reported on page 12 of theAditya Birla Minerals Limited Annual Report for the year ended 31st March 2006. The directors are pleased that the Maroochydore Copper Project is retainedwithin the group. The Directors look forward to an effective businessrelationship with representatives of Aditya Birla Minerals Ltd. While still remaining focused on a uranium strategy Murchison is mindful of theopportunities available from its two Copper interests, Maroochydore in WesternAustralia and the Millenium mining leases in Queensland. While the primary focusof Murchison is to progress the West African uranium properties the Directorsare confident that the copper assets could be strategically valuable to a copperfocused entity or a separately listed entity. Please call Mark Reilly if you have any queries. Telephone + 61 (08) 9322 4071. ......................... Mark Reilly Managing Director This information is provided by RNS The company news service from the London Stock Exchange