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26 April 2007 ACQUISITION OF THE OXUS GOLD ASSETS Following its announcement on 12 March 2007, KazakhGold Group Limited (LSE: KZG) is pleased to announce that it has signed a Sale and Purchase Agreement with Oxus Gold PLC (LSE: OXS) to acquire the following assets from Oxus Resources Corporation, a wholly owned subsidiary of Oxus: · The entire issued share capital of Norox Mining Company Limited which, via its 66.67% holding in the Talas Gold Mining Company, owns the substantially completed gold processing plant at the site of the Jerooy gold project in Talas, Kyrgyzstan. · The remaining 50% of the issued share capital of Romaltyn Limited, which KazakhGold acquired jointly with Oxus in November 2006. As part of the transaction, KazakhGold will also acquire a 25% interest in Hatay Madencilik SA and the right to an option relating to the Karakilise copper deposit licence in Turkey, currently owned by Oxus 86% owned subsidiary, Marakand Minerals Limited (LSE: MKD) As consideration for the acquisition of these assets, KazakhGold will issue 3,541,666 new shares to Oxus, representing approximately 7% of the enlarged share capital of KazakhGold following the issue of the consideration shares. The consideration, i.e. number of shares, will not be subject to adjustment to reflect fluctuations in the KazakhGold share price. Additionally, KazakhGold has agreed that a further US$80 million in cash will be payable to Oxus within 30 days of KazakhGold acquiring, or acquiring the benefit of, a licence to mine the Jerooy gold deposit in Kyrgyzstan and commencing development or production at Jerooy. Any such payment is conditional, inter alia, on Oxus ceasing its claim against the Kyrgyz government regarding the Jerooy license. The acquisition will complete upon the delivery of the appropriate title documents, including the share certificates and transfer documents in respect of the assets by Oxus in exchange for the KazakhGold Shares. Completion is expected to occur on or about 15 May 2007. Executive Chairman, Kanat Assaubayev, commented on the announcement: “We are very pleased with completing the acquisition of assets from Oxus Gold. This transaction will allow us to consolidate our position in Romania and expand to the new markets of Kyrgyzstan and Turkey. All of these projects represent significant growth potential and we look forward to developing our operations across the region in line with our strategy.” |
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| aus der Diskussion: | Minenaktie mit erheblichem Potential in 2007 ---- Kazakhgold ---- |
| Autor (Datum des Eintrages): | Ramses2I (26.04.07 16:50:39) |
| Beitrag: | 66 von 343 (ID:29016990) |
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