2nd Dec 2008 09:52
|
For Immediate Release |
02 December 2008 |
Triple Plate Junction plc
("TPJ" or the "Company")
TRADING UPDATE
Following its preliminary announcement on 30 September 2008, the Company gives the following trading update to the market.
We have successfully installed the Dense Medium Separation (DMS) plant at our Zambian operation, and as we are now being able to obtain a consistent supply of ore from our mine we have overcome the main obstacles to producing copper concentrate.
Due to unforeseen problems we have had to source a replacement double-deck vibrating screen which is expected to arrive on site shortly. Until we have taken delivery of the double-deck vibrating screen, and it is integrated into our mining process, the Company's Zambian operation is unlikely to be able to generate positive cash flow.
With positive cash flow having been delayed from Zambia, we have significantly cut back on the exploration budgets in both Vietnam and Papua New Guinea. Following the buyout of the Morobe Block Joint Venture Agreement, announced on 3 November 2008, the Company is now in advanced discussions in regard to investment in its Papua New Guinea interests.
The Directors are of the opinion that the Company has sufficient resources available to it to fulfil on its current strategy. Should such resources prove not to be sufficient, the Company will be required to seek further funding or review its current strategy, which is likely to result in the disposal of some of its assets.
For further information please contact:
|
Triple Plate Junction plc |
0207 340 9970 |
|
Geoff Walsh, Chief Executive |
|
|
Peter Wright, Finance Director |
|
|
Arbuthnot Securites Ltd |
0207 012 2000 |
|
John Prior |
|
|
Chris Connors |
|
|
Buchanan Communications |
020 7466 5000 |
|
Tim Anderson / Isabel Podda |
Related Shares:
Tethyan Resources