13th Oct 2008 16:28
13 October 2008
African Minerals Limited
("African Minerals" or "the Company")
Additional Listing on Issue of Shares
African Minerals Limited (AIM:AMI) advises that, further to its announcement of 6 March 2008, it has issued 750,000 new fully paid common shares to Umbono Capital Partners LLC ("Umbono"). The shares were issued pursuant to the Management Agreement between the Company and Umbono, under which Umbono are entitled to receive such shares ("Incentive Shares") upon the acquisition of up to 250,000 acres of mineral rights interests in the name of White River Resources Inc. ("White River") at the White River project area in the Yukon, Canada.
The Company is pleased to confirm that the acquisition of those interests has now been completed; thereby securing exclusive tenure along strike projected extents of prospective lithologies based on a comprehensive regional targeting exercise by Umbono, who have been the Company's managing agents on the project. Accordingly Umbono is entitled to the Incentive Shares.
White River is conducting an exploration program on nickel and platinum group element mineralisation in an area near Koidem, Yukon, on the Kluane ultramafic belt. The Kluane project is located on a section of Wrangelia, Kluane Mafic-Ultramafic belt, which is believed to be the second largest in North America. The property covers approximately 30km of strike of the Kluane ultramafic belt.
Application has been made for the Incentive Shares to be admitted to trading on AIM, which is expected to occur on or about 17 October 2008.
As a result of the issue of the Incentive Shares, the issued share capital of the Company has increased to 187,517,441 common shares.
Enquiries:
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African Minerals Limited |
Tel: +44 (0) 20 7849 3002 |
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Frank Timis |
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Roy Pitchford |
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Canaccord Adams limited |
Tel: +44 (0) 20 7050 6500 |
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Mike Jones |
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Mirabaud Securities Limited |
Tel: +44 (0) 20 7878 3360 |
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Rory Scott |
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Citigate Dewe Rogerson |
Tel: +44 (0) 20 7638 9571 |
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Martin Jackson |
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George Cazenove |
Related Shares:
AMI.L