Partial Disposal of Shareholding in Alecto

RNS Number : 9200J

Savannah Resources PLC

10 April 2015

 

Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining

10 April 2015

Savannah Resources Plc

Partial Disposal of Shareholding in Alecto

Savannah Resources plc (AIM: SAV) ('Savannah' or the 'Company') advises that between 15 January 2015 and 8 April 2015 it sold 28,589,220 shares (approximately 16.5% of its shareholding) in Alecto Minerals Plc ('Alecto') (the 'Disposal Shares') for gross proceeds of £68,143, at an average price of 0.2384p per share.

Following the sale of the Disposal Shares, Savannah owns 145,195,652 shares in Alecto (approximately 13.3% of Alecto's issued share capital).

**ENDS**

For further information please visit www.savannahresources.com or contact:

David Archer	Savannah Resources plc	Tel: [phone]
Samantha Harrison (Nominated Adviser) Charlie Cryer (Corporate Broker)	RFC Ambrian Limited	Tel: [phone]
Felicity Winkles/ Charlotte Heap	St Brides Partners Ltd	Tel: [phone]

Notes

Savannah Resources Plc (AIM: SAV) is a growth oriented, multi-commodity, exploration and development company.

It has an 80% shareholding in Matilda Minerals Limitada which operates the Jangamo exploration project. On 31 December 2014 Savannah announced maiden, 65Mt Inferred Mineral Resource @4.2% total heavy minerals ("THM") at a 2.5% cut-off grade for Jangamo The project is located in a world class mineral sands province in Mozambique which borders Rio Tinto's Mutamba deposit, one of two major deposits Rio Tinto has defined in Mozambique, which collectively have an exploration target of 7-12Bn tonnes at 3-4.5% THM (published in 2008).

Savannah has interests in three copper blocks in the highly prospective Semail Ophiolite Belt in Oman.   The projects, which have an Indicated and Inferred Mineral Resource of 1.7Mt @ 2.2% copper and high grade intercepts of up to 56.35m at 6.21% Cu, provide Savannah with an excellent opportunity to potentially evolve into a mid-tier copper producer in a relatively short time frame. Together with its Omani partners, Savannah aims to outline further mineral resources to provide the critical mass for a central operating plant to develop the deposits. 

 

END

 

 

MSCIMMITMBABBFA