Kounrad Project Update

RNS Number : 5836R

Central Asia Metals PLC

29 October 2013

 



29 October 2013

CENTRAL ASIA METALS PLC

("CAML" or the "Company")

Kounrad Project Update

Central Asia Metals PLC (AIM:CAML), a copper producing company focussed on base metals in Central Asia, provides an update in relation to the transaction to acquire  the remaining 40 per cent of the Kounrad Copper Project in Kazakhstan (the "Transaction").

Further to the announcements made on 27 June and 23 July 2013 in relation to the Transaction, the Company announces that it has now completed the purchase of the additional 40 per cent interest in Kounrad Copper Company LLP (the "KCC Transaction").

As outlined in the Framework Agreement announced on 27 June 2013, the Company will continue to work with Mr Kenges Rakishev to obtain all the necessary Kazakhstan Government waivers to facilitate the transfer to CAML of the remaining 40 per cent of the subsoil user license associated with the Kounrad Copper Project.

In accordance with the Framework Agreement, following completion of the KCC Transaction, Mr Rakishev will be appointed a Non-Executive Director of the Company following completion of all necessary regulatory processes. A further announcement will be made in due course.

Enquiries:

Central Asia Metals PLC                                Nick Clarke                         [phone]

                                                                                Nigel Robinson

Canaccord Genuity Limited                         Neil Elliot                            [phone]
Christopher Fincken

Mirabaud Securities LLP                                Peter Krens                        [phone]

Bell Pottinger Pelham                                   Charles Vivian                   [phone]

                                                                                James MacFarlane

 

END

 

 

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