Cloudified Holdings Limited Regulatory News (CHL)

15 Apr 2005 08:30

Churchill Mining plc15 April 2005 15 April 2005 Not for release, distribution or publication in whole or in part in or into the United States, Australia or Japan. Churchill Mining plc Placing and Admission to AIM Highlights •Manganese explorer Churchill Mining Plc to list on AIM today. •The company has raised £1 million via the placing of 50 million shares at 2p per share. •The company has a prospective 490sq.km land position 50km south of Consolidated Minerals' Woodie Woodie mine in Western Australia. •Manganese is a non-substitutable input into the making of steel • The price of manganese continues to be buoyant. Churchill Mining plc ("Churchill" or the "Company") today announces that witheffect from 8 a.m. today, the Company's entire issued share capital has beenadmitted to trading on AIM. This follows a successful placing to raise £1mgross. Ruegg & Co Limited is acting as the Nominated Advisor and MidasInvestment Management Limited as the Broker. Words and expressions defined in the Admission Document published on 11 April2005 shall have the same meaning as in this announcement. Key Statistics Placing Price 2pNumber of Placing Shares 50,000,000Number of Ordinary Shares on issue following the Placing 110,800,000Placing Shares as a percentage of the enlarged issued capital of the company 45.13%Market Capitalisation of the company on admission at the placing price £2,216,000Estimated net proceeds of the Placing receivableby the company £838,000 Churchill's principle focus will be exploring its South Woodie Woodie manganeseproject in Western Australia and pursuing other base metal projects in theIndian-Pacific region. On February 11, 2005 Churchill acquired the entire issued share capital ofPlanet Mining Ltd which has an 80 per cent interest in the South Woodie Woodieproject. The South Woodie Woodie project covers approximately 490 squarekilometres and is located some 50 kilometres south along strike from the WoodieWoodie and Mike manganese deposits owned by Consolidated Minerals Ltd. The South Woodie Woodie manganese project was discovered in 1977 by theAustralian and New Zealand Exploration Company ("ANZECO") during an infra-redaerial survey. Preliminary exploration by ANZECO has identified two areas ofoutcropping manganese mineralisation grading between 34.2% manganese to 51.1%manganese in two separate locations which provide priority targets for immediatedrill investigation. As well as drilling these prospective outcropping areas,Churchill plans to conduct a detailed review of its entire ground holding usingmodern exploration techniques.The directors believe the South Woodie Woodie manganese project providesChurchill Mining with a good starting point for its activities. That said, thecompany is committed to looking for further exploration projects and investmentsin the mining sector. James Hamilton, Churchill's joint managing director with fellow executive, PaulMazak, said, "We've been particularly pleased with the support shown byinvestors who have chosen to invest in Churchill. The Directors feel thefundamentals for manganese are excellent given it is a critical,non-substitutable input into the steel making process." For further information, please contact: Churchill Mining Plc James Hamilton - Joint Managing DirectorTel: +61 (0) 402 186 106Paul Mazak - Joint Managing DirectorTel: +61 (0) 419 906 060 Ruegg & Co LimitedBrett MillerTel: 020 7584 3663 Midas Investment Management ServiceMark SheppardTel: 0870 121 1445 NOTES TO EDITORS About Manganese Manganese is the fourth most used metal in terms of tonnage, being ranked behindiron, aluminium and copper. Manganese has numerous applications in steelmanufacture (95 per cent of consumption), portable batteries and beverage cansbased on aluminium. In each case manganese plays a vital role in improving theproperties of alloys and compounds in each specific application. About Manganese at South Woodie Woodie Within Churchill's leases, deposits identified to date, comprise near-surfacemanganese mineralisation extending over a strike length of some 700 metres, withthe main concentration measuring about 300 metres by 100 metres. Detailed drill-sampling of this resource zone is planned to more accuratelydefine the deposit in accordance with JORC guidelines. The manganese at South Woodie Woodie is hosted by laminated shales andsandstones of the Woblegun Formation which is the basal unit of the ManganeseSub-group, Bangemall Basin. Surface sampling along three lines, each 100 metreslong and 80 metres apart, returned averages of 34.2% Manganese, 40.3% Manganeseand 41.7% Manganese. Six other shorter lines between 5 to 20 metres longreturned a weighted average of 35.5% Manganese, with the best sample returning51.1 % Manganese. The Directors believe that these initial results, obtainedwithout the benefit of a full investigative exploration program and without thetechnology and enhanced computer modeling available today, provide encouragementthat Churchill's leases are highly prospective for manganese. Approximately 23 kilometres to the south, within Churchill's project area, thereis a second area of manganese mineralisation in a similar geological setting.The Directors believe this second occurrence of manganese in favourable hostrocks significantly increases the potential of Churchill's project. About the Directors David Quinlivan (aged 49) Chairman Mr Quinlivan is a mining engineer and principal of Borden Mining Services. Withalmost 30 years experience on projects throughout the world, Mr Quinlivan isfamiliar with all aspects of resources development from grass roots explorationthrough to bankable feasibility reviews and detailed mining programs. He iscurrently overseeing (as a consultant) the expansion of Perseverance Deeps forWMC Resources. Mr Quinlivan is a Fellow of the Australian Institute of Miningand Metallurgy, Member of the Australian Institute of Arbitrators & MediatorsAustralia and an Associate of the Securities Institute of Australia. MrQuinlivan is responsible for overseeing the performance of the board andbringing technical excellence to Churchill Mining Plc. Paul G Mazak (aged 46) Executive Director Mr Mazak is a business development specialist and managing director of Hastingsand Associates Pty Limited for the past 16 years. Responsible for leading andmanaging financial, investment, consulting and governmental teams across theglobe, Mr Mazak has an intimate knowledge of business practice in many parts ofAsia, Africa and Europe. Due to his in-depth knowledge of the mining business,Mr Mazak specialises in securing projects for listed companies. In this regard,he was responsible for the creation and management of the successfully bidding,B.Vijakumar Diamond mining consortium, which sought to develop the world-classMadhya Pradesh diamond property in India. In addition, Mr Mazak sourced the mineassets and was part of the reconstruction team of ASX-listed Majestic ResourcesNL, where he served as a director between 2001 and 2003. Additionally, heorganised rough diamond buying arrangements between international buyer groupsand Argyle Diamonds of Australia. Mr Mazak is also currently a director of bothMineral Development Australia Pty Limited and Boston Noble Pty Limited. Mr Mazakwill be responsible for project procurement and joint company management ofChurchill, with special focus on the Indian-Pacific region. James Hamilton (aged 36) Joint Managing Director Mr Hamilton is a former financial journalist who has specialised in covering theglobal resources industry. For the past 13 years Mr Hamilton has travelledextensively analysing exploration projects, mines and management teams across avariety of mineral commodities, including precious metals, ferrous metals,diamonds, energy minerals and industrial minerals. He is the former Editor ofleading Australian technical mining journal Australia's Mining Monthly. He hasalso been editor of dedicated mining investment magazine ResourceStocks and isthe founder of the mining information news service, MiningNews.net. He currentlyalso serves as a director of Planet Mining Ltd, Goldregis Corporation Pty Ltdand Boston Noble Pty Ltd. Mr Hamilton will be jointly responsible for theday-to-day management of Churchill Mining Plc and its corporate development. Melissa Sturgess-Smith (aged 38) Non-Executive Director Ms Sturgess-Smith has an extensive background in corporate management,development and financing. After an early career with British Airways andlawyers Mallesons Stephen Jaques she was appointed to the board of DwykaDiamonds 2001 and as chief executive officer in July 2003. As chief executiveofficer she has reinvigorated the company by restructuring the company's coreoperations in South Africa which reopened in 2004 with significantly enhancedoperating margins. With solid revenues underpinning Dwyka Diamonds, MsSturgess-Smith is driving an aggressive strategy to develop additional diamondassets in Southern Africa and India. Ms Sturgess-Smith is also a director ofemerging ASX-listed PGM producer Sylvania Resources Ltd. This information is provided by RNS The company news service from the London Stock Exchange