MIR Mining Inv Re

TIDMMIR

RNS Number : 0816N

Mining Investments Resources PLC

23 July 2014

23 July 2014

Mining Investments Resources plc

Cancellation from Trading on AIM and Update on Sampling

On 20 January 2014 Mining Investments Resources PLC ("MIR" or "the Company") announced that it had entered into a conditional agreement to invest in a project to rehabilitate the Taezhny Silver Mine in the Primorsky region of Russia ("Agreement"). The Agreement was classified as a reverse takeover under the AIM Rules for Companies ("AIM Rules") and the Company's ordinary shares were suspended from trading on AIM. Under the AIM Rules the suspension would have been lifted if the Company had published an admission document or decided not to pursue the project within six months.

MIR is continuing to undertake the metallurgical testing of the tailings and ore at the Taezhny mine sufficient to make decisions which are aimed at reducing risks for its shareholders and to place the Company into a position to access capital on the best terms The combination of due diligence, and the process of restatement of Russian accounts and legal matters to the format required for both the acquisition and preparation of an AIM admission document is a complex and time consuming process and the timeline for completion remains uncertain. It has not been possible to progress matters to completion within the six month period allowed under the AIM Rules and therefore, in accordance with AIM Rule 41, as they have now been suspended for six months, MIR's ordinary shares will be cancelled from trading on AIM with effect from 24 July 2014. The Board of MIR believes that it is advantageous for the Company to remain unlisted at this time as this increases the flexibility of its financial strategy and reduces the costs of administering the Company.

Following the cancellation from trading on AIM, MIR's ordinary shares will be transferrable by way of stock transfer forms but there will be no price setting or dealing facility available to shareholders.

As part of the metallurgical testing process, MIR has taken a 260 kilogramme bulk sample of primary (unoxidized) sulphide ore from a stockpile from the underground mine for comparative assaying and as a sample for metallurgical testing. Assaying was undertaken by SGS Minerals services in Southern Russia and returned grades of 614g/t silver and 0.56g/t gold. The silver determination used the atomic absorption method with aqua regia digestion and the gold determination used fire assay atomic absorption. These grades are consistent with the C1 Reserve estimates of the Taezhny mine of 206,000 tonnes at 628 g/t silver, which were reviewed by Saint Barbara LLP on behalf of the Company.

MIR will continue to evaluate and implement the Taezhny transaction and the transactions contemplated under the Strategic Alliance Agreement with Artel Vostok as an unquoted public limited company and may seek readmission to AIM (or another appropriate stock exchange) in due course. The directors will endeavour to keep shareholders informed by way of notices on the Company's website, www.mirplc.com, and via direct communication where appropriate.

The information contained in this announcement has been reviewed and approved by Dr Pavel Kepezhinskas on behalf of MIR. Dr Kepezhinskas is a Director of MIR and is a Qualified Professional Geologist as defined by the Toronto and Vancouver Stock Exchanges.

Enquiries

Mining Investments Resources plc

Michael Nosworthy +33 675657274

Steve Roberts 07812043436

Northland Capital Partners Limited (Nomad and Joint Broker)

Matthew Johnson / William Vandyk 020 7382 1100

Peterhouse Corporate Finance Limited (Joint Broker)

Peter Greensmith / Eran Zucker 020 7469 0932

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCPGUCCMUPCUMW

Mining Inv Re (LSE:MIR)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024

Mining Inv Re (LSE:MIR)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024