Shearwater Regulatory News (SWG)

3 Nov 2008 13:14



AURUM MINING PLC

("Aurum" or "the Company")

Result of AGM and update on the settlement with Marsa AG

Aurum Mining plc (AIM: AUR), the gold-mining company focussed on the Former Soviet Union (FSU) and whose principal asset is the Andash Project in the Kyrgyz Republic, held its Annual General Meeting on 31 October 2008 at which all resolutions were duly passed, save for resolution 5 which was withdrawn and therefore not put to the meeting.

In the Company's announcement on 19 August 2008 it was disclosed that the Company anticipated that it would acquire Marsa AG by 31 October 2008 as part of its settlement agreement with Marsa AG in respect of the Bishkek litigation.

The Company maintains that it met all of its obligations under the settlement agreement by 31 October 2008, the closing date, and that Marsa AG failed to do so. As a result the Company is now seeking to have returned the consideration that was in an escrow account pending the closing of the settlement agreement. 

The Board does not believe that the material breaches of the settlement agreement by Marsa AG and the subsequent frustration of the agreement will have any bearing on the Bishkek court proceedings and the case remains suspended.

The Company will provide a further update in due course.

For further information: 

Notes to editors 

Aurum Mining, which joined the AIM market of the London Stock Exchange in May 2004, is a mining company focussed on gold opportunities in the Former Soviet Union. Its principal asset is an exploration licence over the Andash gold and copper project in the Kyrgyz Republic. A mining licence for Andash Zone 1 was awarded by the Kyrgyz authorities in 2006. The feasibility study compiled by Wardell Armstrong International, also in 2006, confirmed a measured and indicated resource base of 19.2 million tonnes at 1.1 grams per tonne of gold and 0.4% copper, which equates to 1.1 million ozs of gold and gold equivalent. The Andash project also includes Zone 2 and Zone 3 along with Tokhtonysay, Nakhodka and three other additional exploration areas.