GCM Resources Regulatory News (GCM)

17 May 2005 15:20

Cambrian Mining PLC17 May 2005 Share Exchange The directors of Cambrian Mining Plc ("Cambrian") wish to advise that they havereached agreement with RAB Special Situations (Master) Fund Limited ("RAB") toexchange 60 million shares in Aztec Resources Limited ("Aztec": ASX code-AZR)for 1 million shares of Asia Energy Plc. RAB have been a cornerstone investor in both Cambrian and Asia Energy Plc andthe exchange is designed to assist Cambrian in achieving its objective ofbecoming a diverse mining house primarily servicing the steel industry. As a consequence of the exchange, Cambrian's equity position in Aztec willincrease to 18.7%. Aztec is completing a feasibility study on developing a 4million tonne per year Iron Ore project which is planned to commenceconstruction following approvals in Q3 2005. Cambrian retains a 22.7 % shareholding in Asia Energy and remains firmlycommitted to supporting Asia Energy in its development of the Phulbari Energyproject. For further information, please contact: Cambrian Mining PlcJohn Byrne or Jo Malins+44 20 7409 0890 This information is provided by RNS The company news service from the London Stock Exchange