1 Dec 2008 10:02
1 December 2008
Herencia Resources PLC
("Herencia" or the "Company")
Significant Shareholder - CopperCo Limited ('CopperCo')
Herencia Resources PLC (AIM: HER), the development and exploration company with a primary focus on developing mineral resource opportunities in South America, announces that it has received notice that a significant shareholder of the Company, CopperCo Limited (ASX:CUO) entered voluntary administration and had receivers appointed on 27 November 2008.
CopperCo holds 279,400,000 shares in Herencia, representing approximately 46% of the issued share capital of the Company, following its recent merger with Mineral Securities Limited.
The Board of Herencia advises that the status of CopperCo should not adversely impact the day to day operations of Herencia. Herencia has no debt or funding obligations in relation to CopperCo and only a limited commercial relationship with CopperCo that currently includes some administrative support in the Company's Perth office.
The Company wishes to advise that Mr John Moore serves as a Board Member of both CopperCo and Herencia.
Herencia currently has £750,000 in funds available and is on track with its strategy of completing a Scoping Study for the Paguanta Project by the end of 2008. As reported earlier, the Company has conducted a full budget review and subsequently reduced all non-essential expenditures and personnel numbers and placed the project site on care and maintenance.
A decision on the 2009 Project Program will be made early in the new year after the Scoping Study is completed and will be reported in due course.
Further background details on the Company and the Paguanta Project can be found at www.herenciaresources.com
Enquiries:
| HERENCIA RESOURCES PLC | |
| Michael Bohm | +61 8 9221 7466 |
| WH IRELAND LIMITED | |
| David Youngman | +44 161 832 2174 |
| PELHAM PUBLIC RELATIONS | |
| Charles Vivian | +44 20 7743 6672 |
| Sergei Stephantsov | +44 20 3178 6241 |