Lemur Resources launches on market share buyback

RNS Number : 7505X

Bushveld Minerals Limited

24 November 2014

 



24 November 2014

Bushveld Minerals Ltd

("Bushveld" or the "Company")

Lemur Resources - launch of on market share buyback

Bushveld Minerals (AIM: BMN), a diversified mineral development company with projects in Africa, notes the announcement lodged today by Lemur Resources ("Lemur") on the Australian Stock Exchange ("ASX Announcement"), titled Lemur Implements On Market Share Buyback.

Lemur is implementing an on market buyback for up to 10% of its issued capital over the period of 12 months, from 8 December.  The Board of Lemur considers the current share price does not reflect the strong underlying cash position and value within the Company's assets and the share buyback represents an opportunity to add further value to the remaining shares on issue.

Bushveld has a controlling 57.21% interest in Lemur Resources.

The ASX Announcement may be viewed in full here:

http://www.rns-pdf.londonstockexchange.com/rns/7505X_-2014-11-23.pdf

Fortune Mojapelo, CEO of Bushveld said, "Bushveld is supportive of Lemur's share buyback as Lemur's share price significantly diverges from the intrinsic value Bushveld sees in the company. We believe this buyback will help support the share price and ultimately deliver value to the company's shareholders, including Bushveld."

Contact

For further information on Bushveld please visit http://www.bushveldminerals.com  or contact:

Bushveld Minerals Fortune Mojapelo	[phone]
Strand Hanson Limited Andrew Emmott / James Harris Warren Pearce / Scott McGregor	[phone] [phone]
Fox Davies Jonathan Evans	[phone]
RFC Ambrian Jonathan Williams	[phone]
Tavistock Jos Simson/ Nuala Gallagher	[phone]
Tielle Communications Stéphanie Leclercq	[phone]

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Notes to the editor

Bushveld Minerals Limited is a mineral development company with a portfolio of vanadium-and titanium bearing iron ore and tin assets in Southern Africa. The Company owns the Bushveld Vanadium Project and Mokopane Tin Project, both located on the northern limb of the Bushveld Complex, South Africa. In addition, Bushveld has a controlling 57.21% interest in Lemur Resources (ASX: LMR), that owns the Imaloto coal project in Madagascar.

Bushveld was admitted to the AIM Market of the London Stock Exchange in March 2012.

 

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