Final Settlement of Insurance Claims
26 Abril 2010 - 1:00AM
UK Regulatory
TIDMTXR
RNS Number : 7453K
Titanium Resources Group Ltd
26 April 2010
Final Settlement of Insurance Claims
26 April 2010: Titanium Resources Group Ltd ("TRG" or "the Company") is pleased
to announce that following the mediation at the end of March, a final settlement
has been reached with all remaining insurers in its subsidiary Sierra Rutile
Limited's ("SRL") legal action relating to the capsize of Dredge D2 in July
2008.
Under the terms of the settlement, SRL will receive a total of US$7.5 million
from the remaining insurers, the majority of which will be paid within two
working days. The detailed settlement terms are otherwise confidential.
The Board of TRG believes this settlement is appropriate and in the best
interests of SRL and the Company given the significant risks, costs and
management distraction inherent in continuing to pursue SRL's claims through the
courts. It is the Board's intention to hold these settlement funds on deposit
whilst it considers the options for their most effective deployment.
Commenting on the announcement, John Sisay, Chief Executive of TRG, said:
"I am pleased that we have now concluded all outstanding insurance claims
relating to the capsize of Dredge D2. Resolution of these claims will enable us
to focus on the improvement of our production profile and capture the
significant market opportunities available to us."
ENDS
For further information
Titanium Resources Group
John Sisay, Chief Executive
Walter Kansteiner, Non-executive Chairman
Telephone: +44 (0) 207 321 0000
Arbuthnot Securities
Nominated Adviser & Broker
John Prior / Richard Johnson
Telephone: +44 (0) 20 7012 2000
Aura Financial
Michael Oke / Andy Mills
Telephone: +44 (0) 207 321 0000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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