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Divestment of Vietnam Asset

11th Dec 2012 07:00

RNS Number : 1883T
Triple Plate Junction Plc
11 December 2012
 



Triple Plate Junction Plc

("TPJ" or the "Company")

 

Divestiture of Vietnam Asset

 

Further to the Company's announcement of 15th October 2012 TPJ, the AIM-listed gold exploration company focused on South East Asia, announces that Mr. Bill Howell has exercised his option to acquire the entire issued share capital of the Company's subsidiary Triple Plate Junction Limited ("TPJL") for the consideration of £1. TPJL holds a 70% interest in the joint venture project under a mineral exploration licence covering an area of 27km² at Pu Sam Cap, Lai Chau Province, Vietnam.

 

Pursuant to an agreement executed between the Company and Mr. Howell on 10th December 2012 and as envisaged in the announcement of 15th October 2012, TPJ will maintain an undilutable free carried interest for 10% of this project through to the commencement of commercial production from any resulting future mine.

 

Fraser McGee, CEO said "We continue with our strategy to focus on PNG and wish Bill all the best with the future development of the project at Pu Sam Cap. We will continue to work closely with Bill as our experienced Exploration Director".

 

Enquiries

 

Triple Plate Junction plc

+44 (0)7775 693 237

Fraser McGee

 

finnCap Ltd

+44 (0)20 7220 0500

Matthew Robinson/Christopher Raggett

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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