29th Mar 2005 07:01
Triple Plate Junction Plc29 March 2005 For immediate release 29 March 2005 Triple Plate Junction Plc Granting of Vietnamese Licences Triple Plate Junction Plc ("TPJ" or the "Company"), the gold exploration companyfocusing on the identification of world class gold and copper-gold deposits, ispleased to announce that, after a long and thorough approval process, theVietnamese government has issued two exploration licences over the core area of154 sq. km, covering the six identified targets at the promising Pu Sam Cap ("PSC") gold prospect area in Lai Chau Province, Vietnam. At its flotation in January 2004, TPJ stated that one of its strategic goals wasto pursue the issuance of key licences in Vietnam, incorporating the Pu Sam Caparea. The PSC Licences were applied for by Triple Plate Junction Limited, acompany jointly owned by Newmont Vietnam Pty Ltd, a subsidiary of Newmont MiningCorporation (NYSE & ASX: NEM; TSX: NMC) ("Newmont") (49%), and TPJ (51%). Allfuture work will be executed by Triple Plate Junction Limited. In June 2004, the Prime Minister of Vietnam approved issuing the Licences,subject to completion of all government procedures and requirements. This hasbeen a lengthy process, however the granting of TPJ's Licences is nevertheless asignificant breakthrough for the Company and Vietnam's gold and base-metalsindustry, where no new gold exploration licences have been issued since June2001. Formal notification of granting of the Licenses was received by Triple PlateJunction Limited and its Vietnamese partners on 24 March 2005. There are nounusually onerous terms to the Licenses. The Pu Sam Cap prospect area is dominated by a Tertiary alkalinevolcanic-intrusive complex from which local artisan miners have been extractinggold over a wide area from quartz veins and brecciated wall-rocks. In TPJ's AIMAdmission document, historic exploration results were published in support ofthe Company's strategy. This sampling is detailed in the table below. Year Sampled by No. of Samples Gold Silver g/t g/t (arithmetic average)* (arithmetic average)*1992 Normandy 300sq km regional geochemical BLEG gold anomaly1993 Normandy 22 8.6 271996 VRC 103 5.3 131998 VRC 45 9.6 182003 ACA Howe 14 4.5 12 * These results are not statistically relevant and may not be representative ofoverall mineralization. No systematic modern exploration work or drilling has ever been carried out atPu Sam Cap. However, the Geological Survey of Vietnam has long regarded thearea as having high potential, and introduced a joint-venture company comprisingNormandy Mining Limited and Anglo American Corporation (Normandy Anglo Asian PtyLtd) to the area in 1992. Initial reconnaissance work by that joint venturedefined a very strong, cohesive gold geochemical anomaly over an area of morethan 300 sq. km centred on the Pu Sam Cap rocks, and applications to explore thearea were lodged in 1993. Subsequent short visits to the area have confirmed the widespread distributionof gold. Normandy Anglo Asian Pty Ltd and its successor Newmont Vietnam PtyLtd maintained the applications until 2003 when TPJ was formed to re-submit theLicense applications. Newmont retains an interest in the Pu Sam Cap project. The successful granting of the Vietnamese Licences is an important element ofTPJ's strategy of targeting major unexplored or under-explored mineralizedsystems in frontier geological terrains. On 21 March 2005, TPJ announced that it had commenced drilling at CraterMountain in Papua New Guinea. The first drill hole has progressed to beyond 250metres and is in mineralisation. TPJ is now progressing exploration in both of its key territories. As set out in the AIM admission document of January 04 the issue of the Pu SamCap Licences triggers the issue to Candice Holdings Limited of 21,666,667 newordinary shares of 1p each in TPJ by way of deferred consideration under theshare purchase agreement of 19 January 2004. These shares have been allottedand issued today and application is being made for their admission to trading onAIM. As a result of the issue of these additional shares, the interests of certaindirectors have increased as follows: Director Number of Shares Percentage of Issued Share Capital Now heldMessers. I. & B. Gowrie-Smith 22,695,395 37.276Mr. G. Walsh 1,190,805 1.956Mr. B. Howell 589,868 0.969Mr. J. Bunyan 355,240 0.583 Commenting on the Licences awards Bill Howell, TPJ's Director of Explorationsaid: "This is a significant milestone for TPJ. Pu Sam Cap is a major mineralizedsystem that is crying out to be tested by modern exploration methods and I amhappy that we can now finally proceed." "We are honoured that Vietnam has chosen TPJ as the best party to explore anddevelop such an important asset." TPJ's Chairman, Ian Gowrie-Smith also commented: "The work to secure these licences in Vietnam has been tireless for over 12years. Our excellent relationship with the government of Vietnam has nowresulted in these licence awards and the Board of TPJ is ready to commence theplan of work detailed at the time of flotation." For further information please contact: Triple Plate Junction plc 020 7499 1400Ian Gowrie-Smith, Executive ChairmanGeoff Walsh, Chief ExecutiveDavid Lees, Finance Director Buchanan Communications 020 7466 5000Ben Willey/Isabel Podda This statement contains certain "Forward looking Statements". All statements,other than statements of historical fact, included herein, including, withoutlimitation, statements regarding potential mineralization and reserves,exploration results and future plans and objectives of Triple Plate JunctionPlc, are forward looking statements that involve various risks anduncertainties. There can be no assurance that such statements will prove to beaccurate and actual results and future events could differ materially from thoseanticipated in such statements. Certain risk factors may also affect the actualresults achieved by Triple Plate Junction Plc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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