Orogen Gold Regulatory News (ORE)

9 Aug 2007 07:00

Aricom PLC09 August 2007 Press Release 9 August 2007 Aricom plc ("Aricom" or "the Group" or "the Company") Russian Anti-Monopoly Approval Received for Garinskoye Acquisition Aricom plc (AIM:TIO), the Anglo-Russian developer of mineral resources, todayannounces that it has received the approval of the Federal Anti-Monopoly Serviceof the Russian Federation ("FAS") to subscribe for shares in Lapwing Limited ("Lapwing"), a Cyprus company, which in turn owns LLC Garinsky Mining andMetalurgical Complex ("Garinsky"), the company holding the licence for theGarinskoye deposit. Following this subscription the Group will hold a 60%interest in the Garinskoye project and with an option to increase its holding to85%. Following receipt of the FAS approval, the subscription by Aricom for theLapwing shares is now conditional only on the completion of a share capitalreorganisation within Lapwing. It is expected that this will be completedshortly, following which Aricom will be able to subscribe for new shares whichwill comprise 60% of Lapwing's enlarged share capital. As already announced on 30 March 2007, Aricom has also been granted an option toacquire a further 25% interest in Lapwing's enlarged share capital for US $100m. Exploration work at Garinskoye is progressing well and the MicroMine model ofthe deposit as well as a pre-feasibility of the project study are due to becompleted before the year end. A team from Wardell Armstrong International areplanning to visit the deposit during the week of August 20th and will include areview within their Competent Persons Report which Aricom intends to publishduring September. Jay Hambro, Chief Executive, said: - "Aricom has now received all our outstanding approvals from the Anti-MonopolyService of the Russian Federation. We continue to make excellent progress at Garinskoye and look forward to sharingthe results with Wardell Armstrong later this month. " - Ends - For further information:Aricom plcJay Hambro, Chief Executive Tel: +44 (0) 20 7201 8939 www.aricom.plc.uk Canaccord AdamsChris 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