Xtract Regulatory News (XTR)

5 Aug 2005 16:46

Resmex plc05 August 2005 5 August 2005Resmex plc ("Resmex" or "the Company") Acquisition Resmex announces that it has acquired the entire share capital of Sermines deMexico S.A.de C.V. ("Sermines"), a company which owns mineral exploration rightsto assets in the North of Senora Province in Mexico, for a consideration ofUS$150,000. The consideration will be satisfied by way of US$150,000 in cash. Sermines was formed in November 2005 and has had no material trading to date.Other than as detailed in this announcement, Sermines has no significant assetsor liabilities. An independent assessment and valuation of the fair market value of the mineralexploration assets of Sermines de Mexico S.A. de C.V. was prepared by Dr John W.Cottle who is Principal of the Australian based international geologicalconsulting firm, Cotlco Pty Ltd. Dr Cottle is a Fellow and CharteredProfessional of the Australasian Institute of Mining and Metallurgy (AusIMM).Dr. Cottle meets the requirements of a competent person in accordance with theJoint Ore Reserves Committee (JORC) guidelines on the Australasian Code for theReporting of Mineral Resources and Ore Reserves (2004), and is an 'Expert' and/or 'Specialist' in terms of the Australasian Institute of Mining and Metallurgy(AusIMM) Valmin code (1998). The study was completed within a binding agreement between Cotlco Pty Ltd,Resmex plc and Brooking Enterprises Ltd and the full form report is titled'Sermines de Mexico S.A. de C.V. - Independent Mineral Asset Valuation forResmex PLC prepared by Cotlco Pty Ltd (ABN 94 182 764 052)' and dated May 2005.With consideration of the concessions tenure status, geological environment,neighbouring gold discovery successes, past exploration applications andfinancial expenditures and future exploration proposals, Cotlco Pty Ltdconcludes that the fair market value of the mineral exploration assets ofSermines de Mexico S.A. de C.V. ranges between AUD$ 0.2m and AUD$ 0.3m. Dr John W. Cottle has consented to the use of the above information in the formin which it appears. This information is provided by RNS The company news service from the London Stock Exchange