2nd Jun 2009 15:58
AIM: FML
FRONTIER MINING LTD
("Frontier" or "the Company")
Holdings in Company
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMR) OR CONNECTED PERSONS
Pursuant to the financing agreement announced on 30th April 2009, the Company has today issued 20,000,000 ordinary shares of US$0.01 each in the Company ('Shares') and 46,508,086 warrants to River House Consultants Ltd, a company that is controlled by Mr Erlan Sagadiev, the CEO of Frontier. The warrants entitle the holder to subscribe for new Shares at an exercise price of 1.5p per Share.
Following this transaction, Erlan Sagadiev holds 20,000,000 Shares in the Company, representing 4.7% of the issued share capital of the Company. Application has been made to for the new Shares to be admitted to AIM.
Enquiries:
|
Frontier Mining Ltd |
Thomas Sinclair |
+44 (0)20 7898 9019 |
|
Libertas Capital |
Sandy Jamieson |
+44 (0)20 7569 9695 |
|
Walbrook PR |
Louise Goodeve |
+44 (0) 7968 704 418 |
Notes to Editors:
About Frontier Mining Ltd:
Frontier Mining Ltd. is a mineral exploration and development Company that was incorporated in the state of Delaware, USA, on 5 August 1998 for the purpose of exploring and developing gold and copper deposits in the Republic of Kazakhstan. Through its subsidiaries and affiliates, Frontier locates, evaluates, acquires, explores and develops mineral properties
Frontier currently owns two licenses in Kazakhstan. They are the Naimanjal exploration and mining licence, held by FML Kazakhstan, and, 50% of U.S. Megatech BVI which holds the Benkala licence. FML Kazakhstan is a wholly-owned subsidiary of Frontier Mining Ltd. Frontier has one producing gold mine, Naimanjal; one pre-feasibility stage gold project, Koskuduk; and the recently acquired 50% interest in the Benkala copper mine.
Frontier also has a potential copper porphyry deposit with associated gold and molybdenum, Baitimir; and several copper/gold prospects along a 25-km trend including both VMS and porphyry types. Metallurgical tests on its Beschoku and Yubileiny copper projects confirm the oxide copper ore is amenable to extraction using low cost SX-EW technology.
Frontier owns a 50% interest in KazCopper LLP, the joint venture company that owns the Benkala copper-molybdenum-gold deposit located in north-western Kazakhstan within the Urals gold/copper ore belt. A Competent Persons Report ("CPR") on the Benkala project completed by Wardell Armstrong International ("WAI") in March 2007 estimates 47.75 Mt at an average grade of 0.36% Cu for the oxide mineralization, and 873.75 Mt at an average grade of 0.30% Cu for the sulphide mineralisation, representing some 2.8 million tonnes of contained copper, and at a 10% Discount Rate and a $1.5/lb Cu price, the Benkala Project has an NPV approaching $500M. A conceptual study team and advisory team have both been appointed to fast track the development of this project forward towards a pre- feasibility study, with a view to beginning production at the end of 2010.
Issued Share Capital
Frontier Mining's shares are traded on the AIM market of the London Stock Exchange.
As a result of the Subscription referred to above the number of Shares in issue, and the total number of voting rights, will be 425,913,522.
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For further information please visit; www.frontiermining.com
Related Shares:
FML.L