16th Dec 2005 09:21
Cambridge Mineral Resources PLC16 December 2005 CAMBRIDGE MINERAL RESOURCES PLC SALE OF INVESTMENT IN FALKLAND GOLD AND MINERALS Cambridge Mineral Resources plc ("CMR" or the "Company"), the AIM quoted miningexploration and production company, announces that it has agreed to sell itsinvestment of 5,750,000 ordinary shares in Falkland Gold and Minerals Limited toRAB Special Situations (Master) Fund Limited ("RAB") at a price of 10p pershare. The shares are held by CMR's wholly-owned subsidiary, South AtlanticResources Limited. CMR will deploy the proceeds of sale to accelerate its programme of investmentfor gold production in Colombia. Due to RAB's shareholding in the Company, the sale constitutes a related partytransaction under the AIM Rules. Having consulted with Westhouse SecuritiesLLP, the Company's nominated adviser, the Directors of CMR consider the terms ofthe transaction to be fair and reasonable as far as shareholders are concerned. Colin Andrew, Managing Director said: "Our strategy, which we outlined in April this year, is to focus the business onour core objectives. By liquidating this non-core investment and redirectingthe funds received into our gold production programme in Colombia, we areconcentrating our resources where they are best employed to generate a returnfor shareholders. The Colombian assets look to be very promising." ENQUIRIES: Cambridge Mineral Resources plc Tel: +44 (0) 20 7663 5618Colin Andrew, Managing [email protected] Westhouse Securities LLP Tel: +44 (0) 161 838 9140Tim [email protected] Bankside Consultants Tel: +44 (0) 20 7367 8888Michael Padley / Michael Spriggs This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BPC.L