3 Aug 2015 07:00
3 August 2015
Richland Resources Ltd
("Richland" or "the Company") (AIM: RLD)
Change of Broker
Richland Resources Ltd, the gemstone explorer, producer and gemstone sales Company, today announces the appointment of Shore Capital Stockbrokers Limited as its sole broker with effect from 1st August 2015. RFC Ambrian Limited will continue to act as Richland's Nominated Adviser ("NOMAD").
Chief Executive Officer, Bernard Olivier said: "We look forward to working with Shore and their specialist resources team as we continue to grow our coloured gemstone mining, marketing and sales operations."
For more information please contact:
Bernard Olivier | Mike Allardice |
Chief Executive Officer | Group Company Secretary |
+61 (0) 4089 48182 | +852 91 864 854 |
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Nominated Advisor |
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RFC Ambrian Limited |
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Samantha Harrison |
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+44 (0) 20 3440 6800 |
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Broker |
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Shore Capital |
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Jerry Keen (corporate broking) | |
Toby Gibbs / Mark Percy (corporate finance) | |
+44 (0) 20 7408 4090 | |
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Laurence Read | |
Corporate Development and Communications Officer | |
+44 (0) 20 3289 9923 | |
Notes to the Editor:
Capricorn Sapphire Project Summary
The purpose-built alluvial processing plant is one of the largest of its kind in the southern hemisphere, capable of treating up to 200 loose cubic metres (LCM) per hour. The Capricorn Sapphire mine consists of two new mining leases comprising about 490 hectares and associated assets and the project is 100% owned by Richland. The mining leases contain a JORC (2004) Measured Sapphire Resource of approximately 21.6 million grams (109 million carats) of sapphire, based on extensive previous exploration and following a brief period of mining by the previous owners. 'Fancy' coloured sapphire has traditionally been recovered from the project but the Board believes the value from Capricorn Sapphire comes from the consistent production of standard stone types sought in the manufacture of mainstream jewellery..
In 2015, Richland sold or closed all of its operation in Tanzania relating to gemstone mining. Previously the Company had operated the worlds largest and most advanced tanzanite mine. The mine was sold as conditions in Tanzania ceased to permit us to operate profitably and ensure the safety of employees and security of operations, which we deemed essential for an ethical business.
The development of the Capricorn Sapphire project forms part of the Company's strategy to develop profitable gemstone operations, utilising its experience in coloured gemstone extraction, through efficient cost controls. The project offers a significant opportunity for Richland to develop a low cost, coloured gemstone operation selling fully certificated gemstones to the global market place. Queensland, Australia is a long established area for major mining operations, hosting one of the world's major sources for coal. With well-established legislation and permitting for mining in place, Queensland offers significant scope for the creation of a major coloured gemstone hub to promote ethically mined, natural Sapphire.