22nd Aug 2006 10:42
Alba Mineral Resources PLC22 August 2006 Alba Mineral Resources plc ("Alba" or "the Company") Placing and trading update Alba Mineral Resources plc (AIM: ALBA) announces that it has today agreed toplace 6,307,500 new ordinary shares in the Company with investors at a price of8p per share to raise £504,600 before expenses for the Company. The moniesraised will provide additional working capital for the Company and enable it tocontinue funding current and new exploration projects. Trading update The Company announced its results for the year ended 30 November 2005 on 12April 2006. The Company is developing a diversified exploration portfoliofocused on the Appalachian-Caledonide trend, a zone extending from the easternseaboard of North America to Scandinavia including Scotland and Ireland. TheCompany's overall corporate and exploration strategy is to develop a series ofwell-researched and promising exploration properties which will be pursuedfurther, either in the Company's own right or in conjunction with other parties. Whilst the principal objective in the immediate future is to further advance ournickel-copper-PGE prospect in Scotland in conjunction with our partners IncoEurope Ltd, we are also aware that potential mineral opportunities existelsewhere. We will continue to evaluate individual projects, adding them to ourportfolio where appropriate, whilst at the same time looking to advance thedevelopment of our existing projects. The funds that have been raised through this placing will provide workingcapital for the Company and will also finance the continued exploration of theCompany's existing gold, nickel and base-metal projects and to investigate,acquire and advance exploration properties as identified elsewhere. As at 30June 2006 the Company's cash reserves totalled £307,000, with other net currentliabilities of £116,000. Funds of approximately £145,000 have also been setaside for specific projects, including collaborative nickel sulphide explorationin Scandinavia with Altius Minerals Corporation of Canada. The funds raised through the placing will further enable the Company to continuewith its broader exploration programme. The new ordinary shares will rank pari passu with the existing ordinary shares.The Company today made application for the new ordinary shares to be admitted totrading on AIM. Dealings in the new ordinary shares are expected to commence on25 August 2006. Following the issue of equity referred to above the enlarged share capital ofthe Company will be 66,620,100 shares of 1 pence. Proposed Board changes At this stage of the Company's development the Board believes it is nowimportant to add further resources and appoint a Managing Director to overseethe continuing expansion of the Company's exploration portfolio. With immediateeffect Wilson Robb, currently Exploration Director, has been appointed actingManaging Director, in addition to his current role, until a permanent candidatefor Managing Director has been identified. ENDS For further information contact: Lance O'Neill, ChairmanAlba Mineral Resources plc Tel: +44 (0)20 7499 8334Wilson Robb, Exploration/ Managing DirectorAlba Mineral Resources plc Tel: +353 (0)46 905 9959Justine Howarth/ Victoria ThomasParkgreen Communications Tel: +44 (0)20 7493 3713Liam Murray City Financial Associates Tel: +44 (0)20 7090 7800 Notes to Editors Alba Mineral Resources PLC is a junior explorer with a diversified commodityportfolio, primarily nickel, gold, copper, cobalt and platinum group metals,focussed on the Appalachian-Caledonide trend, a zone extending from the easternseaboard of North America to Scandinavia. Alba currently has interests in anumber of well-researched properties in Scotland and Ireland owned in its ownright or in conjunction with other parties. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Alba Mineral Resources