25th Jan 2010 12:06
25 January 2010
ZincOx Resources Plc
("ZincOx" or "the Company")
US$12.2 million Shaimerden payment received
ZincOx is delighted to announce the receipt of US$12,238,975 (£7.6 million) as part of the deferred payments from the sale of its Shaimerden zinc deposit.
To date, payments in respect of 190,174 tonnes have been received at an average price of US$2,314 per tonne. One final payment of US$3.5 million in respect of the final 9,826 tonnes, is anticipated next year based on the current zinc price of US$2,323 per tonne.
Commenting on today's announcement, Executive Chairman Andrew Woollett said:
"This payment will boost our strong cash reserves and contribute towards the development of the Ohio Recycling Project."
For more information please contact:
Andrew Woollett, ZincOx Resources plc
Tel: +44 (0) 1276 450100
John Harrison (Nominated Adviser)
James Black (Corporate Broker)
Numis Securities
Tel: +44 (0) 20 7260 1000
Charlie Geller, Conduit PR
Tel (Direct) : +44 (0) 20 7429 6604
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