DGAP-Adhoc

Pearl Gold AG: Update on Situation at Wassoul'Or SA

Pearl Gold AG / Key word(s): Miscellaneous

17.09.2014 14:10

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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* Wassoul'Or has filed for a transitional protection procedure (Chapter 11)
* No activity on Wassoul'Or's mines despite contrary announcement
* Pearl Gold AG has lost confidence in Wassoul'Or's management and will
take legal action

Frankfurt, 17 September 2014. Pearl Gold (ISIN: DEOOOAOAFGF3). Pearl Gold
AG has been informed that Wassoul'Or has finally decided to file for a
special procedure pursuant to OHADA laws, comparable to a Chapter 11
procedure in the United States (règlement préventif). To avoid the risk of
a liquidation initiated by a third creditor, Pearl Gold and Wassoul'Or
initially agreed to a joint filing, but Wassoul'Or again disregarded its
engagements and did not invite Pearl Gold to join the process.

Pearl Gold sees itself obliged to take legal action in the near future to
defend its interests, as several agreements between Pearl Gold and
Wassoul'Or have not been respected by the latter. Pearl Gold's management
places trust in the competent court in Mali and its appointed expert to
analyse the situation of Wassoul'Or and to propose a suitable solution.
Pearl Gold regrets that the recovery plan presented by Wassoul'Or to the
court does not answer any of the relevant questions while raising new ones:
Wassoul'Or is for example seeking to appoint a former contractor from
Canada as operator of the mine. This engineering company being the same
contractor that Wassoul'Or has held responsible for all technical problems
at the plant in the past leaves Pearl Gold to question the soundness and
seriousness of Wassoul'Or's proposals. In light of Wassoul'Or's recent
strategic and operational decisions Pearl Gold wants to point out that it
has lost confidence in the willingness and competence of Wassoul'Or's
management to lead the operations on the Koderian mine in the best interest
of all shareholders.

Despite regular assurances from Wassoul'Or since July 17th, 2014, work on
the mines has not resumed yet. Neither Pearl Gold's staff that has been
inspecting the site on several occasions nor other witnesses in the
Kodiéran region contacted by Pearl Gold have seen any activity on ground.







Pearl Gold AG

Pearl Gold AG is a project developer and active investor listed in the