GCM Resources Regulatory News (GCM)

16 Apr 2007 09:15

Global Coal Management PLC16 April 2007 Strategic Alliance for Exploration for Uranium in Africa 16.04.07 Global Coal Management plc ("GCM"), (AIM: GCM) announces it has signed a legallybinding Heads of Agreement to form an alliance with Aura Energy Ltd (ASX: AEE)to identify and acquire uranium projects in Africa. The alliance bringstogether the exploration skills of Aura and the project development and miningexperience of GCM. GCM has adopted a strategy of diversification from its coal project inBangladesh and has specifically identified Africa as a mineral region withpotential for further discovery and development as evidenced by its investmentin GVM Metals Ltd (ASX: GVM). Aura is a uranium exploration company based in Perth, Western Australia whichwas listed on the Australian Stock Exchange in May 2006. Aura has a portfolioof exploration titles which are being actively explored for calcrete andsandstone-hosted uranium deposits. Aura's Managing Director, Dr Bob Beesonleads a team which has broad experience in uranium and base metal exploration inboth Australia and overseas - including Africa and the Middle East. The alliance will be managed and exploration conducted by Aura and funds will beprovided jointly by Aura and GCM in cash and in kind. The initial term of thealliance is for two years. GCM's obligation is to provide funding of £165,000for the first two years' activities of the alliance. Aura will identify andpresent project opportunities to the alliance. Following presentation of projects by the alliance, GCM will have the right todecide whether it wishes to progress to the exploration stage to be structuredas a GCM - Aura joint venture, initially sole funded by GCM. GCM's participationinterest in each joint venture will be 70% or 90% depending upon Aura's fundingcontribution. The alliance programme will be led by Neil Clifford. Neil is one of Australia'smost experienced and successful geologists. He has in excess of 30 years ofexploration experience, and has held senior exploration (BF1) managementpositions both in Australia and in Europe, including 13 years as ExplorationManager with Billiton Australia and Acacia Resources Ltd. Steve Bywater, Global Coal Management's CEO commented: "The Aura team, led by Dr. Bob Beeson, are skilled and experienced explorationexperts, and we are pleased to be working with them on this new venture.Uranium as a fuel for power generation is expected to have a growing demand, andthis diversification adds to our portfolio of energy interests. The GCM boardand management team has significant experience in Africa, and also with themining of minerals other than coal - and look forward to the evaluation ofprospects that are identified by the Aura team." For Further Information: Steve BywaterChief ExecutivePh: +44 (0)207 290 1630 Graham TaggartFinance DirectorPh: +44 (0)207 290 1630 Cathy Malins or Annabel LeatherParkgreen CommunicationsPh: +44 (0)207 851 7480 Notes to editors: Global Coal Management plc: Global Coal Management (formerly Asia Energy plc) is a London based companyquoted on the London Stock Exchange's Alternative Investment Market ("AIM").The Company's primary activity is the development of the Phulbari Coal Projectin Northwest Bangladesh into a world class open pit mine, adhering to thehighest national and international environmental and social standards. The minewill have a life of more than 30 years and at full capacity will produce 15million tonnes a year of mostly export quality metallurgical and thermal coal.Its objective is to start mining activity once it has Government of Bangladeshapproval for the Scheme of Development and Feasibility Study. In December 2006, the company invested in GVM Metals Limited, whose focus is tobring its South African coal properties to production. GCM also made a strategic investment in the Bangladesh telecommunicationsmarket, acquiring 26.5% of Peoples Telecommunications and Information ServicesLtd (PeoplesTel) For further information: www.gcmplc.com Aura Energy Pty Ltd: Aura has been established to make discoveries of economic uranium deposits. Itsstrengths are its exploration team, the portfolio of exploration properties thatit is exploring, and the opportunities that exist for the future growth of theCompany. A substantial business development programme to acquire additionalassets has already commenced. For Further information: www.auraenergy.com.au -------------------------- (BF1) This information is provided by RNS The company news service from the London Stock Exchange