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12 Feb 2009 10:00
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For Immediate Release |
12 February 2009 |
Triple Plate Junction PLC
("TPJ" or the "Company")
Trading Update
Triple Plate Junction PLC (AIM : TPJ), the gold, copper-gold and mineral exploration and processing company announces the following trading update.
In the Company's interim results announcement on 31 December 2008 the Company stated that the Directors were of the opinion that the Company had sufficient resources available to it to fulfil its current strategy 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 in Papua New Guinea ("PNG") and Vietnam. Due to a number of factors, but in particular the severe weather conditions at the mine site, the anticipated levels of copper production from the Zambian operations have not been realised. Operations have therefore been temporarily suspended in Zambia. As a result TPJ is unable currently to rely on positive cash flow from the Zambian operations and does not expect to be able to do so for some time.
The Board are reviewing the feasibility of operating in Zambia on a positive cashflow basis, as well as actively evaluating a number of strategic options to secure the necessary working capital for the Company, including further funding and the possible disposal of some assets.
Under the terms of the Joint Venture agreement with Newmont Ventures Limited ("Newmont"), announced on 24 December 2008, Newmont have taken over the funding of the exploration costs for certain Exploration Licences and Exploration Licence Applications in PNG, which continues to be provided.
A further announcement will be made as appropriate
For further information please contact:
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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 Securities |
020 7012 2000 |
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John Prior |
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