14th Jun 2007 09:19
Minco PLC14 June 2007 Minco plc (MIO) sale of Minco's 50% interest in minera sisa for US$3.5m 14 June 2007 The London AIM quoted precious and base metals exploration and developmentcompany announces the sale of its 50% interest in Minera Sisa to Silverex SA deCV, a Mexican Company allied to Minco's existing partner on the project. Underthe terms of an agreement dated June 13, 2007, Minco is to receive US$3.5m forits 50% share in Minera Sisa. Highlights The main features of the agreement are: • US$400,000 is payable on or before July 2, 2007 • A further US$400,000 is payable on or before 15th June 2008 • A further US$ 2,200,000 is payable on or before 31st December 2009 • In addition, two cash payments of US$250,000 each due respectively on or before 31st December 2010 and 31st December 2011, or at Minco's election, a net smelter royalty of 0.5% on production from the Minera Sisa properties • In the event of non payment of the above payments, Minco has the right to reacquire a 50% interest in Minera Sisa for a consideration of MN$25,000 (US$2,500). Chairman's Comment Commenting on the announcement, Roger Turner, Executive Chairman and CEO ofMinco said "As shareholders will be aware Minco has been directing its effortstowards bringing the Bilbao project to production as speedily as possible. Thishas led to slower progress than we would have wished for Minera Sisa which now,under unified management, has the opportunity to advance in its own right whileMinco's funding obligation is assumed by the new owners allowing us to directour resources to Bilbao and Pallas Green. We wish Silverex every success in theongoing exploration of the Minera Sisa Santa Cruz project." About Minco: Minco PLC is an AIM quoted precious and base metals exploration and developmentcompany with silver projects in Mexico and zinc exploration in Ireland. For further information, www.minco.ie or contact:Roger Turner: Executive Chairman +44 (0)20 7397 8155Terence McKillen: Director of Exploration & Business Development +1 416 362 8243/6686Simon Beardsmore: Commercial Manager +44 (0)20 7397 8159Chris Rollason: (UK NOMAD) Collins Stewart +44 (0)20 7523 8350Nick Bias: (UK IR & PR) BuckBias +44 (0)7887 920 530Tom McCormack (Ireland PR) ConneXions +353 (0)1 230 3015 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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