25th Sep 2008 13:28
25 September 2008
African Minerals Limited
("African Minerals" or the "Company")
Cape Lambert Injunction Proceedings Resolved
On 22 September 2008, African Minerals Limited (AIM: AMI) advised that the Supreme Court of Western Australia had granted an interim injunction on 19 September 2008, restraining Cape Lambert Iron Ore Limited (AIM: CLIO) from declaring unconditional its agreement with the Company to invest in the highly prospective Marampa Iron Ore Project in Sierra Leone, from issuing shares to complete its investment or from entering into any other agreement with the Company.
As further advised on 23 September 2008, the Court reserved its decision in the matter until further order and CLIO expected the Court to deliver its decision by the end of the week.
The Company has noted CLIO's announcement today on the Australian Stock Exchange that, as a result of extensive discussions between Power United Limited, the CLIO shareholder that applied for the injunction, and CLIO, those parties have resolved the proceedings by consent, with the interim injunction being discharged and with each party bearing their own costs of the proceedings. CLIO and the Company are now able to proceed with the finalisation of the agreement announced 1 September 2008.
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