19th Nov 2010 12:29
For immediate release
19 November 2010
African Minerals Limited
("African Minerals", "AML" or "the Company")
Shandong Iron & Steel Group notifies AML of its intention to commence drafting of completion documentation
African Minerals Limited (AIM:AMI), the iron ore project development company that is developing the Tonkolili project in Sierra Leone, West Africa, announces that, further to its press release of 29 October 2010, Shandong Iron & Steel Group Co., Ltd ("Shandong") have, on 18 November 2010, confirmed to AML that they have made good progress with their due diligence to date and, whilst the due diligence exercise needs to be finalised with input from AML, Shandong have indicated their willingness to commence the drafting of the completion documentation in parallel to finalising due diligence.
Due to the extension of the due diligence process, execution of the final transaction agreements is not now expected to occur by 20 November 2010. Instead the revised date of execution of the transaction documents will be agreed between the parties during the above commercial discussions.
Commenting, Frank Timis, Executive Chairman of AML, said:
"We welcome Shandong's confirmation of their intention to conclude the transaction and we look forward to working with them over the next few weeks to facilitate the timely completion of our agreement."
Contacts
African Minerals Limited +44 20 7104 2280
Alan Watling / Miguel Perry
Canaccord Genuity Limited +44 20 7050 6500
Robert Finlay
Guy Blakeney
Pelham Bell Pottinger +44 20 7861 3232
Public Relations
Klara Kaczmarek
Philippe Polman
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