Advance payment received

RNS Number : 1763R

Fox Marble Holdings PLC

07 March 2016

 

AIM:  FOX

7th March 2016

Fox Marble Holdings plc

 ("Fox Marble" or the "Company")

Advance payment received

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to confirm that of the €2,000,000 order placed through Fox Marble's new long-term distribution agreement entered into with Eboracum Limited ("Eboracum"), as reported in the Company's announcement dated 21 January 2016, the Company has received confirmation from Eboracum's accountants of receipt of an advance payment of £300,000 (€390,000) into their client account, which will shortly be transferred to the Company.  This advance reflects the material on hand that is ready for shipment, for which delivery is now expected to commence.  The balance is payable prior to further shipments.

Malesheva quarry

The first blocks extracted from the Malesheva quarry in Kosovo have been processed and samples have been distributed to potential buyers.  In addition to the milk-white marble known as Illirico Bianco, the quarry has been found to contain a light, silver grey marble, known as Illirico Selene.  Slabs of both types have been cut and polished in Carrara and are attracting a positive response already.  The Company has opened the quarry in such a way that both stone types can be extracted to fufill demand. 

Chris Gilbert, CEO, commented: "We are pleased to announce the  confirmation of payment of this advance and that we are now beginning to deliver this order.  We look forward to a successful relationship with this newly appointed distributor, Eboracum Limited, in addition to our already existing sales channels around the world. 

"Further, the interest we are already receiving in our Illirico Bianco and Illirico Selene marble is very encouraging and we expect to see this reflected in our order book as the year progresses."

For more information on Fox Marble please visit www.foxmarble.net  or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer	Tel: [phone]
Cairn Financial Advisers LLP (Nomad) Avi Robinson / Liam Murray	Tel: [phone]
Brandon Hill Capital (Broker)
Oliver Stansfield	Tel: [phone]
Yellow Jersey PR
Dominic Barretto Aiden Stanley	Tel: [phone]

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

The Company has been granted mining licences in relation to six separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble.

Fox Marble also has rights to extract marble from the Drini and Malesheva quarries, both in Kosovo and from the Prilep Quarry in Macedonia.

 

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