Weatherly International Plc Regulatory News (WTI)

4 Feb 2008 07:00

Weatherly International PLC04 February 2008 Weatherly International plc ('Weatherly' or the 'Company') Weatherly Sells Non-Core Slag Dumps for £5.7 million in cash, shares and options Weatherly International plc, the AIM listed resource company with copper miningand smelting operations in Namibia, announces the sale of its blast furnace andreverb slag dumps to Emerging Metals Limited (EML) for a total considerationworth around £5.7 million, payable in two tranches over 24 months in cash,shares and options in EML. EML is a pre IPO company specialising in the extraction and marketing of minormetals important to new technology applications. Under the arrangement Weatherlycould emerge as a significant shareholder in EML. For the deal to complete EML must list on a recognised exchange and complete afeasibility study to successfully reprocess the slag dumps within two years orownership will revert back to Weatherly. The slag dumps are rich in zinc,germanium, gallium and other minor metals. Commenting on the sale transaction, Rod Webster, CEO of Weatherly International,said "The divestment of our furnace slag dumps is in line with our continuingstrategy to maximise the value of non-core assets within the business. We arepleased to put these assets into EML as the proprietors have an impressive trackrecord with other minerals." This sale is unrelated to an earlier deal with AIC which is looking to reprocessthe Tsumeb tailings dam and remains on schedule to construct a pilot plantduring the second quarter of 2008. For further information contact: Max Herbert, Company Secretary Weatherly International +44 (0) 207 868 2232Paul Craven, Chief Financial Officer Jakob Kinde, Stephen Pickup Libertas Capital +44 (0) 207 569 9650 Alex Buck BuckBias +44 (0) 207 244 8053 +44 (0) 7932 740 452 Note to Editors: Emerging Metals Limited (EML) is a recently formed privately owned company basedin Namibia. The founders were formerly executives of Uramin. The company isfocusing on minor and noble metals. This information is provided by RNS The company news service from the London Stock Exchange