13th Mar 2006 15:44
ACQUISITION OF ADDITIONAL PROPERTY FROM ARINUSGemfields Resources Plc ("Gemfields" or "the Company", Ticker "GEM") todayannounces the completion of the acquisition of Licence GL 744 on Plot 10B/1from Arinus Mine in the Ndola Rural Emerald Restricted Area ("NRERA") inZambia.This property is contiguous to the southern boundary of the 100% ownedMbuva-Chibolele Mine which Gemfields aims to bring into production by Q3 2006.The acquisition of this licence is strategic to the Company, as it will allowGemfields to significantly extend the life of the Mbuva-Chibolele Mine. Alongwith the December acquisition of the Kamakanga Mine and the Pamodzi Licencearea, these acquisitions have the potential to add to the currently definedresources.Gemfields entered into an agreement in September 2005 to purchase the licencefor a total consideration of US$700,000, of which US$540,000 was deferred. Itis this deferred payment that Gemfields has now made after completion of thetransfer of ownership of the licence.The Company is also pleased to report that the waste stripping atMbuva-Chibolele commenced as planned in January and is progressing ahead ofschedule. The cumulative target for waste removal has been exceeded by nearly10% for the months of January and February despite heavy rains. Theinfrastructure and security systems are currently being developed forcommencement of ore mining well within the projected timetable for fullimplementation of the project.Commenting today, Peter Kitchen, CEO, said "The completion of the acquisitionfrom Arinus along with the progress we are making at Mbuva-Chiboleledemonstrates that Gemfields is moving rapidly towards meeting its strategicgoals."For more information:Peter Kitchen, CEO [email protected] James, CFO [email protected] Resources Plc Tel: +44 (0)20 7016 9416Laurence Read/ Leesa Peters Tel: +44 (0) 207 429 6605Conduit PR Mob: +44 (0) 7974 982 512ENDGEMFIELDS RESOURCES PLCRelated Shares:
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