22nd Dec 2008 07:00
Beacon Hill
Resources Plc
Level 1, 16 Ord Street
West Perth 6005
Western Australia
T: + 61 8 9486 9999
F: + 61 8 9486 4266
22nd December 2008 FOR IMMEDIATE RELEASE
Successful Sale of West African Assets
Beacon Hill Resources plc ("Beacons Hill" or "the Company") is pleased to announce it has disposed of its subsidiary company, Coast Resources Limited, the holder of its interest in its West African mineral sands exploration and mining projects in The Gambia and Senegal (the "West African Projects"), to its joint venture partner Astron Limited ("Astron"). Further to the announcement made by the Company on 23 October 2008 of its intention to make the disposal, and the subsequent approval by shareholders, Beacon Hill has today sold the entire issued share capital of its wholly-owned subsidiary, Coast Resources Limited, to Astron for a total cash consideration of A$50,000. Final completion will occur on receipt of these funds, which is expected soon.
The Senegal interest was in the exploration phase & hence no profits were attributable. The interruption of operations in The Gambia meant that Coast earned no profits from that asset in the last accounting period. The consideration will be applied by the Company as general working capital.
As a result of this transaction, Beacon Hill will no longer hold an interest in the West African Projects or exposure to any future expenditure commitments associated with the projects.
The Company continues to progress its strategic co-operative research and development agreement with the US Geological Survey and is seeking to identify other resource opportunities.
For further information please contact:
Beacon Hill Resources Plc
Rahul Singh (Chairman) + 61(0) 424 181 242
Alan G. Hopkins (Director) +61 (0) 8 9486 9999
Blue Oar Securities
Justin Lewis +61 (0) 3 8637 1540
Olly Cairns +61 (0) 8 6430 1631
Related Shares:
BHR.L