Malesheva Update: New Quarry Opens

RNS Number : 2165G

Fox Marble Holdings PLC

19 November 2015

 

AIM: FOX

RNS                                                                                                                                           19 November 2015

Fox Marble Holdings plc

("Fox Marble" or the "Company")

Malesheva Update: New Quarry Opens

Operations Update

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce the opening of a new Bianco Illirico marble quarry at Malesheva, Central Kosovo. 

The quarry, which is comprised initially of five hectares within the large licensed deposit area, contains high quality, compact and consistent dolomitic marble.  Two benches have been dug at the site and the first blocks of the milk-white marble have been sent for sampling, with results expected within the next few weeks. The Company has already received a number of requests from potential offtake partners to review the samples.

The successful opening of the site signifies the good working relationship that Fox Marble has with Kosovan administration, and the role that Fox Marble is playing in stimulating employment in the region. Progress at the Company's processing plant will also serve to expedite future delivery of stone from the Malesheva quarry and help service the order book.

Fox Marble's CEO Chris Gilbert commented: "Our new quarry at Malesheva is large enough to fulfil growing market demand for high-quality white marble, a type of marble which is becoming increasingly hard to find.  We are particularly pleased with the quality and colour of the marble we have found here. The opening of this quarry is timely, as we have seen strong and growing interest in this stone. We look forward to the first samples coming out before the end of the year."

Pictures are available at:

www.foxmarble.net/malesheva-update-new-quarry-opens

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

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer	Tel: [phone]
Candice Sutherland, Chief Financial Officer
Cairn Financial Advisers LLP (Nomad) Avi Robinson Liam Murray	Tel: [phone]
Brandon Hill Capital (Broker)
Oliver Stansfield	Tel: [phone]
Yellow Jersey PR Limited
Dominic Barretto / Aidan 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 licenses 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 grey marble from the Drini quarry and cream and white grey marble from the Malesheva quarry, both in Kosovo and white Sivec marble from the Prilep Quarry in Macedonia.

 

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