Orogen Gold Regulatory News (ORE)

17 Sep 2007 09:40

Aricom PLC17 September 2007 Press Release 17 September 2007 Aricom plc ("Aricom" or "the Company") Signing of Cooperation Agreement with LLC "OboronImpex" Aricom plc (AIM: TIO), the Anglo-Russian developer of mineral resources,announces that it has signed a cooperation agreement with LLC "OboronImpex" (aninvestment and managing company in the Rosoboronexport Group) to investigateopportunities in strategic commodities. LLC "OboronImpex" was established in 2001 by FSUE "Rosoboronexport" (75% ofstock capital) and Vnesheconombank (25%) as a financial and investment company.Rosoboronexport began to consolidate metallurgical assets in Russia and in 2006OboronImpex became the management company of Russia's, and the world's, largesttitanium producer - OJSC "Corporation VSMPO-AVISMA" ("Avisma"). Rosoboronexportowns 65.8 % of Avisma. Additionally The Rosoboronexport Group owns interestsin, inter alia, RusSpecStal, the group producing specialised steels includingthe Red October Metallurgical Plant. Following this agreement, Aricom will form a Cooperation Management Committee tomanage the process. Mr Mikhail Shelkov, Director General of LLC "OboronImpex"will be the Chairman of this Committee and Dr Maslovskiy, Aricom's Chairman,will be Deputy Chairman. Mikhail Yevgeniy Shelkov graduated in 1991 from theMoscow Physics and Technology Institute and then proceeded to the InternationalUniversity of Business & Management to qualify as an economist. Mr Shelkov willalso be appointed the Deputy Chairman of "Management Company Peter Hambro Mining" which is Aricom's primary contractor on mining operations. The cooperation agreement sets out that the companies will assist each other inreviewing opportunities in strategic raw materials - primarily those containingtitanium, tungsten, molybdenum and tantalum, in establishing new productionfacilities and in developing new technologies especially in titanium production.This review will look at both domestic and non-domestic raw material assets aswell as processing/beneficiation assets and opportunities. Jay Hambro, Chief Executive, said: - "With this new agreement Aricom has found a powerful new friend in the RussianFederation. I see the relationship as adding significantly to both Aricom andthe Rosoboronexport Group. This Public Private Partnership brings togetherAricom's skill in finding and developing mining projects in the Russian Far Eastwith Rosoboronexport's critical mass in the strategic metals sector. I would also like to extend a warm welcome to Mikhail Shelkov as he joins theCooperation Management Committee. Mr Shelkov has much valuable experience inthe investments and the commodities sectors, as well as in the area of strategicmetals. We much look forward to working with him at Aricom." Mikhail Shelkov, Director General of LLC "OboronImpex", said: - "We are excited to work with Aricom. Aricom is creating a lot of value in theRussian Far East with the development of a new mining and metallurgical complex.The Group has a number of very interesting assets and a proven track record ofboth organic and inorganic growth. I hope that I will be able to help thegrowth of the company with the new cooperation we have agreed between Aricom andLLC "OboronImpex", as an investment and managing structure in theRosoboronexport Group." - Ends - For further information: Aricom plcJay Hambro, Chief Executive Tel: +44 (0) 20 7201 8939 www.aricom.plc.uk Canaccord AdamsRobert Finlay / Chris Bowman Tel: +44 (0) 20 7050 6500 www.canaccordadams.com AbchurchCharlie Jack/ George Parker Tel: +44 (0) 20 7398 7700 www.abchurch-group.com This information is provided by RNS The company news service from the London Stock Exchange