15th Jun 2007 16:14
Central African Gold PLC15 June 2007 Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining 15th June 2007 Central African Gold Plc ("CAG" or "the Company") AGM Statement and Share Consolidation Central African Gold Plc, the AIM traded gold mining and exploration company,held its AGM today and all ordinary resolutions were passed. Special resolution5, with respect to the dis-application of pre-emption rights on issues ofsecurities for cash was not passed. At the meeting, Greg Hunter, Chief Executive Officer, made the followingstatement: "During the last year, the Company has made rapid progress towards its objectiveof becoming a mid-tier African gold producer backed by a world class explorationportfolio. We now have an extensive portfolio spanning Ghana, Mali, Zimbabwe andBotswana, which is being managed and developed by a highly experienced team ofgeologists and mining professionals with proven track records, sound industryconnections and the technical know-how to deliver. "On the production side we have the flagship Bibiani gold mine situated in thehighly prospective Sefwi-Bibiani greenstone belt in Ghana. Bibiani givesimmediate production and revenues to the Company. It is anticipated that Bibianiwill produce 50,000 ounces in FY 2007, with the majority to come from tailingsand the balance from the planned initiation of the underground developmentprogramme, which I am happy to say remains on-track. While production fromtailings for the last few months has been below our expectations, we areconfident of meeting our targets for the year. We added further productionfollowing the acquisition of Falcon Gold Zimbabwe Limited and Olympus Gold MinesLimited in Zimbabwe which added 2.167 million ounces of attributable goldresources to the Company. With immediate production in place, this has allowedus to rapidly leverage our position up the value curve for our shareholders inan attractive gold price environment. "Exploration is crucial to the development pipeline and we have already puttogether a portfolio that we believe has the potential to deliver significantresource bodies. We have seen many developments in terms of our explorationprogrammes. From our first phase of systematic exploration we have identified 39follow up targets over our 22 permits along the prospective Birimian strata insouth and west Mali. In addition at our Medinandi project in west Mali we haveestablished a reserve estimate of circa 500,000 ounces of gold at grades of4.55g/t from its initial phase of Reverse Circulation drilling. With InducedPolarization surveys in progress, confirming very high resistivity andchargeability anomalies, we feel confident that drill results should returnhigher grades and prove the economic gold potential of the region." At the meeting CAG's board sought approval for the consolidation of the existingordinary shares in issue of 471,019,495 of 0.1p each, such that all shareholderswill receive one new ordinary share of 0.5p each for every 5 existing ordinaryshares held on the register at the close of business on the 15th June 2007.Following completion of the share consolidation the issued ordinary sharecapital of CAG will be 94,203,899 new ordinary shares of 0.5p each.Shareholder's entitlements to new ordinary shares will be rounded down to thenearest whole number. Fractions will be aggregated and sold in the market forthe benefit of the company. Share certificates in respect of the new 0.5pordinary shares are expected to be issued on or before 22nd June 2007 pendingwhich transfers will be certified against the register. The terms of theexisting 57,500,000 warrants over ordinary shares of 0.1p each will be adjustedaccordingly, as will the terms of existing options. Application has been made for the consolidated shares of 0.5p each to beadmitted to trading on AIM and it is expected that dealings in these shares willcommence on 18 June 2007. * * ENDS * * For further information please contact or visit www.centralafricangold.com orcontact: Central African Gold PlcGreg Hunter Tel: +27 (0)82 882 4222Nicole Broome Mob: +27 (0) 83 601 1702 St Brides Media & Finance LtdHugo de Salis/ Felicity Edwards Tel: +44 (0)20 7242 4477 Strand Partners LimitedSimon Raggett /Braden Saunders Tel: +44 (0)20 7409 3494 Hichens, Harrison & Co.Daniel Briggs/Dave Paxton Tel: +44 (0)20 7382 7776 Notes to Editors: Central African Gold Plc, admitted to AIM in April 2004, was established toacquire gold assets with a geographical focus on Africa. The Company hasestablished a sound portfolio with projects spanning Ghana, Mali, Zimbabwe andBotswana. It has a highly experienced management team, which has worked togetherfor four years managing six underground greenstone gold mining operations andbuilding exploration portfolios. CAG's portfolio includes the producing Bibiani gold mine and prospectinglicences in Ghana, which it acquired from AngloGold Ashanti Ltd, two jointventures in Mali covering 23 prospective permits and licences in Botswanacovering the extension of the Kraaipan greenstone belt from South Africa. CAGrecently acquired five mines and extensive exploration properties in Zimbabwe.The directors are evaluating additional prospects in Africa to establish CAG asa leading mid-tier African gold producer with world class exploration andproduction assets. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Canal+