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15 Apr 2014 12:07
15 April 2014
Alexander Mining plc
('Alexander' or the 'Company')
Ebullio announces the termination of its agreement to acquire Red Crescent Resources' Assets in Turkey
The Ebullio Group ('Ebullio') has informed Alexander that it will announce today that it has terminated its agreement to acquire all of the assets in Turkey of Red Crescent Resources Limited. As this was a condition precedent for Alexander's commercial licence, financing and consultancy agreement ('Agreement') with Ebullio which it announced on the 3 February 2014, the Agreement, in its current form, will not be executed.
However, Alexander has been told that the termination of the Red Crescent acquisition does not alter Ebullio's commitment to mining investment in Turkey. It plans to acquire other suitable, unencumbered assets to complement its existing base and precious metals assets in the country as part of a balanced business and product portfolio capable of delivering sustainable production and profit growth.
As such, Alexander and Ebullio have confirmed their mutual intention to maintain the commercial, technical and financial principles of the Agreement. Accordingly, they will meet shortly to discuss the revision of the Agreement to reflect these intentions but in the light of Ebullio's termination of the Red Crescent transaction.
Importantly, Lars H Steffensen, Ebullio's Executive Managing Partner, said that:
"Ebullio remains Alexander's largest shareholder and our commitment to them and their technology is unwavering. We have not changed our dedication to developing the close working relationship with Alexander. In particular, we remain highly focused on establishing a profitable commercial scale zinc cathode production plant in Turkey using Alexander's AmmLeach® technology. The intention would be for a plant taking feed from a combination of the future acquisition of suitably attractive zinc oxide properties and third party sources."
For further information please contact:
Martin Rosser Matt Sutcliffe
Chief Executive Officer Executive Chairman
Mobile: + 44 (0) 7770 865 341 Mobile: +44 (0) 7887 930 758
Alexander Mining plc
1st Floor
35 Piccadilly
London
W1J 0DW
Tel: +44 (0) 20 7292 1300
Fax: +44 (0) 20 7292 1313
Email: mail@alexandermining.com
Website: www.alexandermining.com
Nominated Adviser and Broker Northland Capital Partners Limited Louis Castro / Lauren Kettle +44 (0) 20 7382 1100 |
Public/Media Relations
Britton Financial PR
Tim Blackstone
+44 (0) 20 7242 9786
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