29th May 2008 07:00
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ALBIDON LIMITED |
Level 1 |
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62 Colin St |
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West Perth 6005 Western Australia ARBN 107 288 755 Tel:+6189211 4600 Fax: +6189211 4699 Email:[email protected] ASX Code: ALB AIM Code: ALD |
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28 May 2008
ADDRESS TO THE ANNUAL GENERAL MEETING
BY CHAIRMAN RICHARD A POTTS
The Munali Project has made considerable progress during the year. The Enterprise Mine at Munali commenced ore production two months ahead of schedule. We are pleased to report commissioning of the crushing circuit occurred a number of weeks ago and we will be feeding ore into the mills within the next few days. Continued commissioning through the float cells, thickners and filtration circuit will occur over forthcoming weeks. These results are due to a sustained effort by the entire team and the ongoing assistance of the relevant Zambian government departments and local community. Albidon is now one of a very rare breed, - a new greenfields nickel mining company.
The Company's exploration programmes have also made significant progress this year with drill assays have confirming the presence of thick zones of Ni-Cu sulphide mineralization at the 100% owned Sunnyside nickel project in Botswana.
The joint venture with BHP Billiton at Songea in Tanzania has defined a number of quality new nickel drill targets, while in Tunisia the joint venture with Zinifex has yielded encouraging results in the form of high grade zinc drill intersections.
Albidon's joint venture with African Energy Resources Limited to explore and exploit the uranium prospects on our tenements in Zambia has resulted in the completion of a positive Pre-Feasibility Study for consideration by your board.
I would now like to briefly comment on recent media speculation concerning Albidon. As you are probably aware, the intended sale of African Lion's 20.5% stake in Albidon has been announced recently. We have been maintaining regular communication with African Lion and will continue to do so.
In parallel with this, and as previously announced, we have initiated a strategic review of the Company's growth options and appointed RBC as our advisor to assist in the process of ensuring the best value outcome is achieved for all shareholders. As part of this process, confidential discussions have been held with a number of parties. We are not in a position to provide any further information in relation to this matter at this time, however we will keep shareholders informed of any material developments in this regard.
I have been the Chairman of Albidon Limited for over four years and with encouraging progress from Munali, ongoing exploration programmes and other exciting developments, it is now time for me to stand down and hand over to a new Chairman who will lead Albidon through the next phase of its growth and development. To this end John Shaw joined the board in March 2008 and will take over at the end of this Annual General Meeting as Non-Executive Chairman. John's vast experience will be a great asset to Albidon.
I am very proud to have worked with the Albidon team and I wish Dale and John, the Board, and the Albidon team all the very best for the future.
If you have any queries please contact the Chief Financial Officer, Nicholas Day or Managing Director, Dale Rogers on +61 8 9211 4600 or email [email protected].
Albidon's nominated adviser is RFC Corporate Finance Ltd, contact Stephen Allen +61 8 9480 2500.
Additional information may also be viewed on Albidon's website at www.albidon.com
Related Shares:
ALD.L