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19 Jul 2010 10:13
19 July 2010
ZincOx Resources plc
("ZincOx" or "the Company")
Progress update
ZincOx is pleased to provide an update on progress:
Korea recycling plant (KRP)
The Korean authorities have confirmed that the agreement for the purchase of the land for the site of the KRP has now been entered into by all relevant parties. The site which lies within the Cheonbuk Industrial Complex has been purchased by the Ministry of Knowledge Economy, the Gyeonsangbuk-Do Province and Gyeongju City. The land has been purchased with the sole intention of leasing it to ZincOx for the construction of the KRP. The Gyeongju City government on behalf of the Korean government has presented ZincOx with a draft lease agreement that provides for a 50 year free lease extendable every 10 years thereafter. The Company expects the lease to be finalised before the end of August.
An engineering costing study is underway and negotiations with financing partners have started.
Jabali zinc mine and processing plant
Negotiations for a re-financing are continuing with a number of interested parties. All options for Jabali, ranging from an outright sale to traditional project finance, are still under consideration.
Commenting on the announcement, Andrew Woollett, Executive Chairman, said:
"We are delighted with the progress being made in Korea and we will update shareholders further at the end of August."
For further information, please contact:
ZincOx Resources plc Conduit PR
Peter Wynter Bee, Managing Director Charlie Geller
Tel: +44 (0) 1276 450100 Tel (Direct): +44 (0) 20 7429 6604
Numis Securities
John Harrison, as Nominated Adviser
James Black, as Corporate Broker
Tel: +44 (0) 20 7260 1000
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