25th Jan 2010 13:30
For immediate release 25 January 2010
African Minerals Limited
("African Minerals", "AML" or "the Company")
Result of Cape Lambert Resources Limited General Meeting
African Minerals Limited (AIM:AMI), the mineral exploration and development company with significant iron ore and base metal interests in Sierra Leone, West Africa, notes the announcement released on the ASX by Cape Lambert Resources Limited ("Cape Lambert") (ASX:CFE) confirming that all the resolutions proposed at its General Meeting held on 25 January 2010 were duly passed.
On 25 November 2009, the Company issued an announcement concerning the amendment to its agreements with Cape Lambert Resources Limited ("Cape Lambert") (ASX:CFE) in respect of the Marampa iron ore project (the "Marampa Project").
One of the resolutions passed at Cape Lambert's General Meeting was in respect of the Marampa Project, under which shareholders of Cape Lambert approved the Second Transfer of shares as contemplated by the amended Marampa agreements.
Completion of the Second Transfer of shares is expected to take place on 27 January 2010.
Frank Timis, Executive Chairman of AML commented:
"We are extremely pleased to have acquired 19.9% of Cape Lambert, with its strong portfolio of mineral assets and experienced management team with a track record of project delivery.
The proceeds from the recent placing together with the conditional agreement with CRM will allow us to expedite construction of our ports and railway infrastructure project in Sierra Leone, from which Cape Lambert will also be able to benefit for the export of its iron ore production from Marampa."
Enquiries:
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African Minerals Limited |
Tel: +44 (0) 1481 726833 |
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Frank Timis Alan Watling |
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Canaccord Adams Limited |
Tel: +44 (0) 20 7050 6500 |
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Robert Finlay Mike Jones |
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Mirabaud Securities Limited |
Tel: +44 (0) 20 7878 3360 |
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Rory Scott Pav Sanghera |
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Pelham Bell Pottinger |
Tel: +44 (0) 20 7337 1500 |
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Charles Vivian Klara Kaczmarek |
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Related Shares:
AMI.L