Patagonia Gold Regulatory News (PGD)

31 Mar 2006 07:01

Patagonia Gold PLC31 March 2006 31 March 2006 Patagonia Gold Plc ("Patagonia Gold" or the "Company") Disposal of HPD New Zealand Limited ("HPDNZ") to Glass Earth Limited (TSXV-GEL) ("Glass Earth") Patagonia Gold is pleased to announce the completion of the disposal of HPDNZ to Glass Earth. As announced by the Company on 23 December 2005, an agreement was reached on 22 December 2005 for Glass Earth to acquire all the issued and outstanding shares of HPD NZ which were held by the Company's wholly owned subsidiary, HPD Investments Limited. The consideration paid by Glass Earth was 12,665,000 common shares and 6,332,500 share warrants with a strike price of C$0.25 which are exercisable for a period of 2 years. On 29 March 2006 the closing share price for Glass Earth was C$0.17. By mutual agreement Marc Sale, a director of Patagonia Gold, will not be remaining on the board of HPDNZ nor joining the board of Glass Earth. For more information, please contact: Richard Prickett / Bill HumphriesPatagonia Gold PlcTel: + 44 (0)20 7409 7444www.patagoniagold.com Anthony Cardew/Tim RobertsonTel: +44 (0) 20 7930 0777Fax: +44 (0) 20 7925 0647Email: tim.robertson@cardewgroup.com This information is provided by RNS The company news service from the London Stock Exchange