11 Nov 2008 11:00
11 November 2008
TanzaniteOne Response to the Lapse of Gemfields' Tender Offer
TanzaniteOne Limited ("TanzaniteOne" or "the Company") (AIM:TNZ) notes today's statement by Gemfields Resources plc ("Gemfields") (AIM:GEM) that its tender offer for the purchase of up to 30,754,970 of TanzaniteOne common shares has lapsed.
As outlined in TanzaniteOne's letter to shareholders on 4 November 2008, the Board will be writing to shareholders shortly concerning the introduction of appropriate takeover protection into its Bye-laws (to ensure that any future offer for control of the Company would have to treat all TanzaniteOne shareholders equally) and to provide an update on the tsavorite transaction.
Commenting on today's announcement, Ami Mpungwe, Chairman of TanzaniteOne said "TanzaniteOne has a clear growth strategy, which is targeting an increase in production to over 3.1 million carats of tanzanite by 2011 and gemstone diversification, with the impending completion of the tsavorite acquisition. We have an excellent team in place to deliver on this strategy and to fulfil our ultimate ambition to become the world's largest producer and supplier of premium coloured gemstones."
For more information, please visit www.tanzaniteone.com or contact:
| Willi Boehm, Company Secretary | Alex Buck, Public Relations |
| +61 8 9367 5211 | +44 (0)7932 740 452 |
| Nick Bias, Investor Relations | Laurence Read, Public Relations |
| +44 (0)7887 920 530 | +44 (0)7979 955923 |
| Nominated Advisor and Joint Broker Evolution Securities | Joint Broker Ambrian Partners |
| Simon Edwards or Neil Elliot | Richard Chase |
| +44 (0)20 7071 4300 | +44 (0)20 7634 4700 |
| Financial Advisor | |
| Lazard & Co | |
| Spiro Youakim or Chris Seherr-Thoss | |
| +44 (0)20 7187 2000 | |