Orogen Gold Regulatory News (ORE)

6 Feb 2006 07:01

Aricom PLC06 February 2006 Aricom confirms co-operation with Interros 6 February 2006 Aricom PLC (the "Company" or "Aricom"), the AIM traded mining company, todayconfirms that its development of the Bolshoi Sejm ilmenite and magnetite deposit("Bolshoi Sejm") announced on 30 January 2006, is in co-operation with Interros,the major shareholder in Norilsk Nickel and Polyus, the Russian miningcompanies. * Aricom has entered into non-binding Heads of Agreement in relation to a 49% interest in a holding company which is intended to own Ural Mining, the Russian company that owns the licence to develop the Bolshoi Sejm deposit. * Timia Trading Ltd., a company related to Interros, will own the remaining 51% in the holding company. * It is agreed that Aricom will appoint the General Director of Ural Mining. Implementation of these arrangements is dependent on the entry into definitive documentation. Sir Malcolm Field, Chairman of Aricom, commented: "Bolshoi Sejm, which is approximately five times the size of our deposit atKuranakh, is a logical extension to our titanium strategy. We warmly welcomethis involvement with Interros and look forward to developing this deposit withsuch a well respected operator." Enquiries: Aricom plc Millbrook PartnershipTom Swithenbank, Chief Executive Tim GreyTel: +44 (0) 20 7201 8939 Tel: +44 (0) 7796 072 298 This information is provided by RNS The company news service from the London Stock Exchange