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12 Feb 2009 10:00
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For Immediate Release |
12Β February 2009 |
Triple Plate Junction PLC
("TPJ" or the "Company")
Trading Update
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Triple Plate Junction PLC (AIM : TPJ), the gold, copper-gold and mineral exploration and processing company announces the following trading update.
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In the Company's interim results announcementΒ on 31 December 2008Β the Company statedΒ that the Directors were of the opinion that the Company had sufficient resources available to it to fulfil its current strategyΒ of seeking a positive cash flow from its Zambian copper mining and smelting operations. This cash flow was to be used to continue funding the company's exploration activities inΒ PapuaΒ NewΒ GuineaΒ ("PNG")Β andΒ Vietnam. Due toΒ a number of factors, but in particularΒ the severe weather conditions at the mine site, theΒ anticipatedΒ levels ofΒ copper production from theΒ Zambian operations have not beenΒ realised.Β Operations have therefore been temporarily suspended inΒ Zambia.Β As a result TPJΒ is unable currently to rely on positive cash flow from the Zambian operations and does not expect to be ableΒ to do so for some time.Β
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The Board areΒ reviewing the feasibility of operating inΒ ZambiaΒ on a positive cashflow basis, as wellΒ as activelyΒ evaluating a number of strategic optionsΒ to secure the necessary working capital for the Company, includingΒ furtherΒ fundingΒ andΒ theΒ possibleΒ disposal of someΒ assets.
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Under the terms of the Joint Venture agreement with NewmontΒ Ventures Limited ("Newmont"), announced on 24 December 2008, Newmont have taken over the funding of the exploration costs forΒ certainΒ Exploration LicencesΒ andΒ Exploration Licence Applications in PNG, which continues to be provided.
A further announcementΒ will be made as appropriateΒ
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For further information please contact:Β
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Triple Plate Junction PLC |
020 73409970 |
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Geoff Walsh, Chief Executive / Peter Wright, Finance Director |
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Buchanan Communications |
020 7466 5000 |
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Tim Anderson, Isabel Podda |
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Arbuthnot SecuritiesΒ |
020 7012 2000 |
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John Prior |
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