Last checked at 24 Apr 2018 12:15
24 April 2018
This announcement includes release of inside information
Weatherly International plc (AIM:WTI)
("Weatherly" or "the Company")
Kitumba Purchase Update
Further to the Company's announcement of 4 April 2018, Weatherly advises that it has not been able to agree to an extension to the Backstop Date with Intrepid Mines Limited in respect of the agreement to purchase the Kitumba Project in Zambia, which was originally announced on 12 December 2017. This means that the agreement for the acquisition has lapsed.
Further information will be included in the Company's operations and production update for the quarter ended 31 March 2018, which is expected to be announced shortly.
For further information please contact:
Weatherly International Plc +44 (0)1707 800 774
Craig Thomas, CEO
Kevin Ellis, CFO & Company Secretary
Strand Hanson Limited +44 (0) 20 7409 3494
(Nominated Adviser & Broker)
Rory Murphy / James Dance / Jack Botros
About Weatherly
Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are the Tschudi Mine and the Otjihase Project. The Tschudi Mine is an operating open pit mine producing refined copper cathode on site. The key assets of the Otjihase Project are the Otjihase underground copper mine and concentrator and the Matchless West underground copper mine. The Otjihase Project assets are currently under care & maintenance while in the Project Development stage. Weatherly also owns 25% of China Africa Resources Namibia (CARN), a private Namibian company which owns the high-grade Berg Aukas underground zinc-lead-vanadium project. On 5 February 2018, the Company announced that it had signed an agreement to purchase a further 65% of CARN subject to regulatory approval.