Comment on Press Speculation

8 Apr 2008 08:41

GCM Resources PLC08 April 2008 8 April 2008 GCM RESOURCES PLC ("GCM Resources" or the "Company") Share Price Movement GCM Resources plc (AIM: GCM) has noted the recent press comment referring to theAsian Development Bank and the Phulbari Coal Project in Bangladesh. The Phulbari Coal Project is currently being reviewed by the Government ofBangladesh, and GCM Resources continues to await Scheme of Development approval.The financing arrangements for the project (equity and debt) will be finalisedonce project approval has been received. The Asian Development Bank has been undertaking due diligence for its possibleparticipation in the Phulbari Coal Project. GCM Resources has not received anyrecent communication from the Asian Development Bank regarding theirparticipation. For further information contact: GCM Resources plc: Pelham Public Relations:Steve Bywater Charles VivianChief Executive Ph: +44 (0)207 743 6672Ph: +44 (0)207 290 1630 Email: charles.vivian@pelhampr.com Graham Taggart Klara KaczmarekFinance Director Ph: +44 (0)203 159 4395Ph: +44 (0)207 290 1630 Email: klara.kaczmarek@pelhampr.com JP Morgan CazenoveNominated AdvisorMichael Wentworth-StanleyPh: +44 (0)207 588 2828 Charlotte KeenanPh: +44 (0)207 588 2828 Notes to Editors: About GCM Resources plc: GCM Resources plc is a London based company quoted on the London StockExchange's Alternative Investment Market ("AIM"). The Company is strategicallyfocused on coal and related investments across a range of geographical locationsincluding: South Africa, Bangladesh and China with the aim of sourcing potentialopportunities that offer near return whilst mitigating risk through thedevelopment of a diverse portfolio of assets. Primarily focused on theexploration and development of coal deposits the Company also targets relatedinfrastructure such as power plants and telecommunications networks to build onrelated areas of the coal mining industry and support local development. For further information: www.gcmplc.com This information is provided by RNS The company news service from the London Stock Exchange