PEARL GOLD AG

Detailed information on Pearl Gold AG and Wassoul'Or following court decision in Mali

Business news for the stock market

Frankfurt (pta030/31.03.2015/20:17) - The Management and Supervisory Board of Pearl Gold AG have voluntarily decided not to respond to the latest joint statements of Wassoul'Or SA and Martagon Investments Ltd on February 22nd and 23rd 2015. Both statements, published on the web page of Wassoul'Or, diffused wrong information and unjustified personal attacks to which we will respond directly to the authors and not via public statements. Nevertheless we take note of the coordinated actions through their respective Directors, M. Aliou Boubacar Diallo and M. Olivier Couriol, that seemed rather to defend their personal interests than general interests of the Pearl Gold shareholders.

The Management and supervisory board of Pearl Gold AG take note of the decision of the commercial Court of Bamako dated March 25th 2015 that states:

"Deliberating in non-public, contradictory and first instance hearing, rejects the request by Wassoul'Or for the granting of a protection procedure establishes the illiquidity of the company Wassoul'Or, establishes preliminarily the date of insolvability at December 31st 2013, opens a procedure of judicial restructuring on the company, appoints Monsieur Djigui SISSOKO judge at the Tribunal de Commerce of Bamako, in its quality as "Juge Commissaire", appoints Mr Soumana MAKADJI, Chartered Accountant, Korofina nord Rue 161 Porte 621 as Administrator, states that the administrator shall establish a restructuring plan and submit it to the vote of the creditors, orders the publication in a public gazette according to articles 36 and 37 of the uniformed act on the UNIFORM ACT ORGANIZING COLLECTIVE PROCEEDINGS FOR WIPING OFF DEBTS, orders that the cost shall be born by the company".

This decision of the Malian Courts is very alarming as it puts in danger not only the sole investment and asset of our company, meaning the 25% of the capital of Wassoul'Or SA, but also our claim of more than 60 million Euro not mentioning interest and damages incurred by our company.

We ignore how the Director of Wassoul'Or can state in its press statement dated March 27th 2015 that we see in this court decision a victory for us.

It is true that our company maintains that Wassoul'Or SA and its current President have not been and are not capable to put the mining project KODIERAN into production and thereby save the mining title that constitutes the sole asset of the two companies Wassoul'Or SA and Pearl Gold AG, but this fact, established by the courts decision is far from satisfying us as it puts into danger the existence of our companies, the continuation of the mining concession for Wassoul'Or and the preservation of more than 400 jobs in Mali.