5th Jan 2010 07:00
PAN PACIFIC AGGREGATES PLC
Quarry Access Road Agreement Signed
The Board of Pan Pacific Aggregates plc (the "Company"), the British Columbia based aggregates company, announces that the Construction and Access Agreement (the "Agreement") has been signed with the City of Abbotsford. The Agreement allows the construction of the new by-pass for access to Quadling Quarry (previously Pumptown Quarry). Completion of the road, estimated to take 6 weeks, will allow the Company to commence deliveries to customers from previously processed stockpiles of material. The Company has agreed the conditions of the soil permit to allow processing of the shot rock produced during the pioneering work.
Originally, the Agreement stated that the Company and its joint partner, Fill Tech Industries Ltd, would be responsible for the future maintenance costs of the by-pass road. This has been amended such that it is now agreed that the road may be dedicated to the public through the City of Abbotsford, in which case future maintenance will revert to the City of Abbotsford following a 12 month retention period.
The Agreement is to be presented to the City of Abbotsford council at a ratification meeting on 11 January 2010 with an officer's recommendation to approve.
William Voaden, Managing Director commented:
"I am very pleased that the development agreement has been signed which allows the construction of the road following ratification by the council; and immediately thereafter the processing of the shot rock should begin. This will allow sales and cash flow to follow within 6 weeks from the commencement of road construction.
"The pioneering work at the quarry has gone exceptionally well and we look forward to a very active and productive 2010."
5 January 2010
For further information, please see the Company's website (www.panagg.com) or contact:
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Pan Pacific Aggregates plc |
Tel: +44 (0) 20 7096 9580 |
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William Voaden |
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Astaire Securities plc |
Tel: +44 (0) 20 7448 4400 |
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William Vandyk / Avi Robinson |
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VSA Capital Limited |
Tel: +44 (0) 20 7096 9589 |
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Paul Backhouse |
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Lothbury Financial Limited |
Tel: +44 (0) 20 7011 9411 |
|
Michael Padley / Ron Marshman |
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