15th Aug 2008 14:42
Minco Plc
Press Release
15 August, 2008
Minco plc ("Minco")
Orca Minerals Canadian Listing Transaction Approved by TSX Venture Exchange
London, 15 August, 2008 - Minco plc (MIO), the London AIM quoted exploration and development company is pleased to announce that the TSX Venture Exchange ("TSXV") in Toronto has given conditional approval to the transaction which will give effect to the listing of Orca Minerals Limited ("Orca") on the TSXV. Completion of the transaction is scheduled for August 26 and trading is expected to commence shortly thereafter. Following the acquisition of Orca by Antamena Capital Corp., the surviving corporation is being renamed Xtierra Resources Ltd. ("Xtierra") and will have Tier 1 status on the TSXV. Its shares will trade under the symbol "XAG".
Xtierra will have an initial share capitalisation of 49,862,003 common shares of which Minco Plc will own 30,000,003 shares (60.17%). Minco's holdings and those of other principals are subject to TSXV escrow regulations.
Having successfully completed a series of Special Warrant financings through Orca, raising gross proceeds of CAN$8.8 million, Xtierra is focused on advancing its Zacatecas silver-zinc projects, particularly the Bilbao Project, to the point of an early production decision.
An independent resource estimate is currently being completed at Bilbao in accordance with the requirements of Canadian NI-43-101. Xtierra will commence step-out drilling to establish the western margins of the Bilbao deposit which also remains open to depth. In addition, metallurgical test work is continuing at both Bilbao and at Laguna to optimize process methodologies for maximum metal recovery.
Initial exploration drilling of the San Francisco epithermal gold-silver prospect, located near Villa de Ramos, 30km northeast of Bilbao is expected to commence shortly.
Commenting on the TSXV, John Kearney, Executive Chairman of Minco said: "We are very pleased to have achieved this important milestone of a separate North American listing for Minco's Mexican assets. Xtierra Resources has successfully raised $8.8 million Canadian to fund its Mexican projects without diluting Minco shareholders and is now able to proceed with the exploration and development of its projects located within the prolific Central Mexican Silver Belt."
Qualified Person
The above information has been reviewed and verified by Mr. Terence N McKillen, B.A. (Mod), M.A., M.Sc., P.Geo., Chief Executive Officer. Mr. McKillen is the Qualified Person for the purposes of the AIM Guidance Note on Mining, Oil and Gas Companies dated March 2006. Mr. McKillen holds degrees in Geology from the University of Dublin (Trinity College) and the University of Leicester. He has 40 years of exploration experience in Ireland and internationally.
About Minco:
Minco PLC is an AIM quoted precious and base metals exploration and development company engaged in zinc exploration in Ireland in a joint venture with Xstrata Zinc and investments in zinc-silver projects in Mexico through a 60% shareholding in XTIERRA Resources Ltd.
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For further information, www.minco.ie or contact:
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John Kearney: Executive Chairman |
+1 416 362 6686 |
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Terence McKillen: Chief Executive |
+1 416 362 8243 |
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Danesh Varma: CFO & Company Secretary |
+44 (0) 207 6539880 / 2 |
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John Frain / Fergal Meegan: (NOMAD) Davy |
+353 (0)1 6796363 |
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Tom McCormack: (Ireland PR) ConneXions |
+353 (0)1 230 3015 |
This announcement has been issued through the Companies Announcement Service of
The Irish Stock Exchange.
Related Shares:
Minco PLC