18th Mar 2011 16:29
Sable Mining Africa Ltd/ Index: AIM / Epic: SBLM / Sector: Natural Resources
18 March 2011
Sable Mining Africa Limited ('Sable Mining' or 'the Company')
Update on Delta Mining Consolidated
Sable Mining Africa Limited, the AIM listed resource company, is pleased to announce an update regarding its previously announced proposed acquisition of Delta Mining Consolidated Limited ('DMC').
Regulatory approval of the acquisition has been received from the Department of Mineral Resources in South Africa but a number of other conditions precedent to completion of the acquisition remain outstanding. Sable Mining and DMC are actively working towards the satisfaction of these conditions.
The board of Sable Mining has also become aware that DMC had a different interest in Springbok Flats coal project in South Africa than that which was announced by the Company at the time of its acquisition of a 29.3% holding in DMC in February 2010. Following further discussions with the management of DMC, it has been clarified that the heads of agreement entered into by DMC in September 2009 proposed that DMC would earn (by paying for certain works and studies) up to a 51% interest in a special purpose company which would hold 70% of the Springbok Flats project.
DMC management are in advanced discussions directly with the tribal authorities on a new arrangement which will involve obtaining a 70% participation in the Springbok Flats project.
** ENDS **
For further information please visit www.sablemining.com or contact:
Andrew Groves | Sable Mining Africa Ltd | Tel: 020 7408 9200 |
Jonathan Wright | Seymour Pierce Ltd | Tel: 020 7107 8000 |
David Foreman | Seymour Pierce Ltd | Tel: 020 7107 8000 |
Robin Henshall | Matrix Corporate Capital | Tel: 020 3206 7000 |
Nick Stone | Matrix Corporate Capital | Tel: 020 3206 7000 |
Hugo de Salis | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
Susie Geliher | St Brides Media & Finance Ltd | Tel: 020 7236 1177 |
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