NRRP.L Regulatory News (NRRP)

27 Dec 2006 08:00

North River Resources Plc27 December 2006 North River Resources plc / Index: AIM / Epic: NRRP / Sector: Natural Resources North River Resources plc ('North River' or 'the Company') First Day of Dealings on AIM Overview • Trading on AIM commenced following fund raising of £754,000 (before expenses) • Initial target to earn 20% interest in Cornet Hill Tenement area • Broad mineral focus - strong tin and tungsten anomalies up to 10 km strikes, although will be exploring for base and precious metals • Objective is to build a successful mining company through the development of existing asset and acquiring additional resource projects • Experienced board with many years in the resource sector North River Resource Chairman David Steinepreis said, "North River is a vehicleestablished to assist in the development of the Coronet Hill Tenement area andto acquire additional resource projects in order to build a successful mininghouse. The listing not only provides us with a platform to carry out ourdevelopment obligation at Coronet Hill but will also provide us with a means tofinance our targeted acquisitions." Contacts: David Steinepreis North River Resources Plc Tel: 07913 402727 (U.K.) Tel: +61 8 9420 9300 (Aus) Olly Cairns Corporate Synergy Plc Tel: 020 7448 4417 Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477 North River Resources plc, an exploration and resource acquisition company, ispleased to announce its admission to AIM having raised £754,000 (beforeexpenses) through the issue of 67,999,998 new Ordinary Shares at 0.1 pence and 5pence per share giving it a market capitalisation of £3.4 million. The fundswill be used to earn up to a 51% interest in the 29.29 sq km Coronet HillTenement situated in the southern part of the Pine Creek Inlier, a major mineralprovince of the Northern Territory of Australia and making acquisitions inresource projects. The Admission is providing a strong platform for earning an initial 20 per cent.interest (and, subject thereto, a potential further 31 per cent. interest) in,and the exploration and development of, the Coronet Hill Tenement. It is alsoassisting the Company to seek further investments in resource companies, inraising additional capital in the future, including capital required to meet itsfarm-in and other expenditure requirements under the Farm-in Agreement; andraising the profile of the Group generally and within its sector. The Group currently has one project in Australia, being the right to earn up toa 51 per cent. interest in the Coronet Hill Tenement situated in the southernpart of the Pine Creek Inlier, 220 kilometres south east of Darwin in theNorthern Territory of Australia. This major mineral province of the NorthernTerritory covers about 66,000 kilometres and is centred 170 kilometres south ofDarwin. Coronet Hill is located on a major mineralised structure known as theCoronet Fault that trends northwest-southeast. Past exploration has shown theCoronet Fault zone and parallel structures to be anomalous in tin, tungsten andbase metals over 10 kilometres of strike within the Tenement. Recent explorationhas been principally directed towards base and precious metals, and explorationfor tin and tungsten was only peripheral, however there is good evidence thatthe tin and tungsten mineralisation is not only of greater strike extent thanpreviously tested, but also may occur in the alteration zones laterally adjacentto the lodes. Coronet Hill Tenement is highly prospective because its setting is proximal to agranitic intrusion known to be responsible for poly-metallic mineralisation inthe area. Geophysical evidence clearly demonstrates the presence of asub-surface intrusive body in parts of the Tenement. It is also intended toinvestigate the possibility of hydrothermally-sourced platinum group element ("PGE") mineralisation in the Tenement. This particular style of PGEmineralisation is extremely rare around the world but has been identified atCoronation Hill, a significant gold-platinum-palladium resource located about25km to the north-west of the Tenement. North River already has a defined work programme for the Tenement under agreedbudgets. This involves the reinterpretation and reformatting of existing data,regional and local geological reconnaissance/mapping, surface rock chip and/orsoil sampling, geophysical surveying and auger, RAB, RC and/or diamond drillingto test generated targets and define resources. Whilst the primary focus for the Group is to earn the initial 20 per cent.interest in the Tenement, the Directors intend to identify and evaluate otherresource properties for possible acquisition or investment in order to increasethe activities of the Company in the commodities field. The Board will beflexible regarding its acquisition and investment strategy and has not outlinedsize, geographic or class of commodity restrictions with regard to acquisitioncriteria. A wider strategy of the Directors has been to bring together a group ofShareholders that could assist the Company in sourcing acquisitions andpotential new finance for these acquisitions. The Board believes that thepresence of the existing small group of Shareholders in the Company will enhancethe growth potential of North River by virtue of the capacity to introduce newprojects to the Company. BOARD OF DIRECTORS David Christian Steinepreis (Non-Executive Chairman) (Age 49) David Steinepreis is a Chartered Accountant and former partner of KMGHungerfords (now KPMG) where he specialised in strategic corporate advice andtaxation for listed companies. He entered commerce as a director, adviser andmajor shareholder of a number of listed companies in the gold, diamonds, oil andnew mining technology sectors. He is a director of Davos Resources plc, anexploration company listed on AIM, Monitor Holdings Ltd, Toodyay Resources Ltd,Gawler Resources Ltd and RMG Limited, all of whom are listed on the ASX andLeopard Minerals plc. He has previously been a director of Ascent Resources plc,Uranium Resources plc and Black Rock Oil & Gas Plc, companies listed on AIM. Heis also chairman of Ascent Capital and a director of Signature Brands Ltd andWorldAudio Ltd (subject to Deed of Company Arrangement), companies seekingre-listing on the ASX. Robert Hartley Downey (Executive Director) (Age 40) Mr Downey has practised law since 1998, and has been admitted to practise as abarrister and solicitor of the Supreme Court of Western Australia and the HighCourt of Australia. His focus has been with resource companies in the area ofcorporate law, initial public offerings, other equity raisings, mergers andacquisitions, with extensive experience with listed companies on ASX and AIMmarkets. Mr Downey is currently the Company Secretary of Grove Energy Limited, acompany listed on AIM and a director of Atlantic Mining plc. He is also anexecutive director of Segue, a company listed on ASX and the counterparty to theFarm-in Agreement. Patrick Nicolas Burke (Executive Director) (Age 37) Patrick Burke holds a Bachelor of Laws degree from the University of WesternAustralia. He has approximately fifteen years experience working in law firmsand companies in Australia and Ireland. His expertise is in corporate,commercial and securities law with an emphasis on capital raisings and mergersand acquisitions. He is also a director of Signature Brands Ltd, a companyseeking re-listing on the ASX. Key Management Michael Cowin (Consultant Exploration Manager) Mr Cowin graduated as Geologist from Curtin University of Western Australia in1986. In his capacity as an exploration geologist he has been involved insuccessful exploration for a wide variety of commodities including gold,diamonds, mineral and silica sands, nickel, base metals and uranium across moststates of Australia and overseas with a number of ASX listed and privateexploration companies. This information is provided by RNS The company news service from the London Stock Exchange