DGAP-News: SN Minerals Ltd. in negotiations AngloGoldAshanti
(firmenpresse) - West Africa Mining Holding AG / Miscellaneous
02.06.2010 08:39
Dissemination of a Corporate News, transmitted by
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SN Mineral Mining Ltd. holds two gold exploration licenses in the Republic
of Senegal, in the licensed territories of Velingara (604 square kilometre
licensed territory) and Madina Foulbe (420 square kilometre licensed
territory). West Africa Mining Holding AG, Zug, which is listed on the
Frankfurt stock exchange (ISIN CH0045659973) has a 24.90% holding in SN
Minerals Ltd.
At the ordinary general meeting of West Africa Mining Holding AG, which
took place on 28th May 2010 in Zürich, Board of Directors' member Peter
Sommer provided information about the latest proceedings in the further
development of this stake. Since April, SN Mineral Mining Ltd. has been in
talks with the West African subsidiary of AngloGoldAshanti, the
third-largest gold producer in the world. The two companies had already
signed a confidentiality declaration back in April and will shortly hold
further talks with the aim of the AngloGoldAshanti Group becoming involved
in the exploration project of SN Mineral Mining Ltd. These talks were the
result of a presentation, which SN Mineral Mining Ltd. gave at the SIM
Senegal mining conference and exhibition in April. In the presentation,
promising initial investigation results were presented by head geologist of
SN Mineral Mining Ltd., Dr. Madani Diallo. At one location in the licensed
territory of Velingara, a gold content of 2.9 grams per tonne was
determined, which is a world-class deposit. In further investigations, the
presence of a larger deposit of this kind should now be confirmed. A
projection of this result to the rest of the licensed territory is not
possible without further investigations. For the next stages of the
exploration, there is now a promising concrete starting point, which
completely confirms the strategy of expanding into this undeveloped
territory.
Dr. Madani Diallo, who once worked as the country manager for
AngloGoldAshanti in Mali and was responsible for the exploration and
development of a series of major gold deposits in Africa, explained these
investigation results as part of a detailed presentation to the
shareholders who had travelled to the general meeting in Zürich. The
presentation is soon available for all shareholders to download as a PDF
document at the Homepage of the company.
Originally, SN Mineral Mining Ltd. planned an initial public offering and
only intended to include a major partner at a later point in time. In
addition, the interest of a major corporation in such an early stage of
exploration is rather unusual. However, the approach of AngloGoldAshanti is
understandable in that the corporation has identified the region of West
Africa as the new investment focus and there is only a very limited number
of gold licenses available in the particularly stable Republic of Senegal.
Investment in SN Mineral Mining Ltd. is one of the few options still left
to participate in the gold exploration projects in the Republic of Senegal.
SN Mineral Mining Ltd. and its 24.90% shareholder West Africa Mining
Holding AG view the current talks as an opportunity that it is essential to
seize. However, at the same time, preparations for the first stock exchange
listing for SN Mineral Mining Ltd., which is planned for 30th June 2010,
are being continued, at least until there is a written intention to invest
at hand. SN Mineral Mining Ltd. will continue to develop its 'Velingara'
gold exploration license, irrespective of the outcome of the talks with
AngloGoldAshanti, either under the company's own steam or with the new
partner, if the conditions presented are favourable. In addition, these
developments have made it clear that SN Mineral Mining Ltd. is holding a
valuable asset with this license and the strategic approach of West Africa
Mining Holding AG to position itself in the under-explored territories in
West Africa is correct.
In addition, the general meeting of West Africa Mining Holding AG approved
all the agenda items which were submitted for approval with an acceptance
of 99.66%.
The nominations for the elections in the Board of Directors have been
changed. Despite original intentions, Mr. Luis Figo, who signed a letter of
intent to take-over 11% of West Africa Mining Holding AG in March 2010,
will not be available to the Board of Directors due to his new obligations
at Inter Milan, which resulted shortly before the general meeting and could
be largely gathered from the press. The election of Dr. Madani Diallo into
the Board of Directors also had to be postponed due to the ongoing talks
with AngloGoldAshanti. Dr. Madani Diallo is a member of the Board of
Directors of AngloGoldAshanti Mali, which is why election into the Board of
Directors for West Africa Mining Holding AG would result in a conflict of
interests for the ongoing talks. In this context, AngloGoldAshanti gave
West Africa Mining Holding AG approval to inform the shareholders about the
ongoing talks. It is planned to accept Dr. Madani Diallo into the Board of
Directors of West Africa Mining Holding AG at a later point in time. Until
then, newly elected Mr. Swen Lorenz will take over the role of sole
director on the board, for the time being. In line with the earlier
notification, Mr. Peter Sommer retired from the Board of Directors on
conclusion of the general meeting in order to concentrate on his operative
activities in the subsidiary and holding companies. He remains closely
connected with West Africa Mining Holding AG, among other things, through
First Invest Holding AG, which is managed by him and continues to hold a
majority share in West Africa Mining Holding AG.
As Mr. Swen Lorenz informed the general meeting, he sees three important
areas for his function:
- Development and expansion of the corporate governance structures of
West Africa Mining AG in order to prepare the company for further,
possibly greater measures in the capital market.
- Support of the management of subsidiary and holding companies in the
development and implementation of strategic plans and capital market
measures.
- Improvement of the transparency of the corporate group, especially with
the aim of making the shares of West Africa Mining Holding AG easier to
value and, consequently, more interesting to investors.
The general meeting, together with a subsequent social drink, was taken as
an opportunity by the attending shareholders and guests to personally get
to know the representatives and consultants of the company and to form a
picture of the progress of the company. A video recording of the lecture by
Dr. Madani Diallo can soon be viewed at the Homepage by the company.
Corporate Profile:
West Africa Mining Holding AG
About West Africa Mining Holding AG
As an investment company, West Africa Mining Holding AG focuses exclusively
on promising exploration, mining, natural oil and gas production companies.
The business model of West Africa Mining Holding AG comprises the financing
and development of young exploration companies with an above-average
potential to find and produce natural resources of all kinds. The company
aims at a duration of two to five years as the investment horizon.
For more information, contact:
West Africa Mining Holding AGUntermüli 6
CH-6300 Zug
Email info(at)westafrica-mining.com
Internet http://www.westafrica-mining.com
Telephone +41 (44) 586 0 111
02.06.2010 08:39 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 02.06.2010 - 08:39 Uhr
Sprache: Deutsch
News-ID 21815
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