13th Jan 2010 07:00
PAN PACIFIC AGGREGATES PLC
Building of Access Road Approved
Maintenance Costs of Access Road Revert to City of Abbotsford
The Board of Pan Pacific Aggregates plc (the "Company"), the British Columbia based aggregates company, announces that the meeting of the City of Abbotsford council, held on the 11th January, ratified the amended agreement in respect of future maintenance of the new by-pass road for access to Pan Pacific's Quadling Quarry (previously Pumptown Quarry).
It has now been agreed that the road will be dedicated to the public through the City of Abbotsford. This means that future maintenance of the road is expected to revert to the City of Abbotsford within 2 years.
Under the original agreement, Pan Pacific and its joint partner, Fill Tech Industries Ltd, would have been responsible for the costs of road maintenance.
Completion of the new road is estimated to take six weeks and will allow the Company to commence deliveries to customers immediately on completion from stockpiled material that has already been processed.
William Voaden, Managing Director commented:
"I am very pleased that all issues have now been resolved and we at last we can start work on the access road.
"The preparatory work has gone well and we have a significant amount of material ready for shipment. The market is holding up well and we are confident of generating cashflow in the near future."
13th January, 2010
For further information, please see the Company's website (www.panagg.com) or contact:
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Pan Pacific Aggregates plc |
Tel: +44 (0) 20 7096 9580 |
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William Voaden |
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Astaire Securities plc |
Tel: +44 (0) 20 7448 4400 |
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William Vandyk / Avi Robinson |
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VSA Capital Limited |
Tel: +44 (0) 20 7096 9589 |
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Paul Backhouse |
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Lothbury Financial Limited |
Tel: +44 (0) 20 7011 9411 |
|
Michael Padley / Ron Marshman |
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